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Kirkland Lake merges with Agnico Eagle Mines
Gold producing company Kirkland Lake has merged with Agnico Eagle Mines Limited via a Canadian law-governed plan of arrangement.
Lauren Croft
Firm: Clayton Utz (Kirkland Lake Gold).
Value: N/A.
Area: M&A.
Key players: Perth corporate partners Liz Humphry and Brett Cohen, together with special counsel Armin Fazely and lawyers Tyson Ginn and Luke Crofts, advised on the Australian law and ASX-related aspects of the deal and the subsequent delisting of Kirkland Lake from the ASX.
Deal significance: Under the merger, the combined company continues as Agnico Eagle Mines Limited and remains listed on the Toronto and New York Stock Exchanges under “AEM”. Consideration to former Kirkland Lake shareholders was provided in the form of 209,274,263 new Agnico Eagle common shares (worth approximately US$10 billion). At the completion of the merger, the new Agnico Eagle had a market capitalisation of approximately US$22.4 billion.
Commenting on the firm’s role in the transaction, Ms Humphry said: “Kirkland has been a longstanding client of our firm and it has been our pleasure to assist with their journey in Australia – from the acquisition of Fosterville Mine in Victoria, to their ASX listing and now a transformational consolidation transaction. We have thoroughly enjoyed working with the Kirkland team, as well as our colleagues from Cassels in Canada.”
Lauren Croft
Lauren is a journalist at Lawyers Weekly and graduated with a Bachelor of Journalism from Macleay College. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications and Travel Weekly. Originally born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling. She is also a keen snowboarder and pre-pandemic, spent a season living in a French ski resort.
