Pallinghurst Resources is intending to acquire the remaining 52.91% stake in coloured gemstones producing company, Gemfields, for approximately $145.2m at £0.38 ($0.49) a share.
Both companies involved in the transaction are based in the UK.
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Following the transaction, which is expected to close in the third quarter of 2017, Gemfields’ shareholders will own a 42.2% share in the expanded group and receive 1.91 Pallinghurst shares for each share held.
UBS AG and Deloitte LLP are the financial advisors, while ENSafrica, White & Case LLP and Mourant Ozannes are legal advisors for the transaction.
South African mining company Gold Fields has announced the purchase of 74,824,070 shares of Gold Road Resources priced at A$0.86 ($0.63) a share.
Through its wholly owned subsidiaries, the company has invested A$64.34m ($47.84m) for the acquisition, which has enabled it to gain a 10% interest in the target company.
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