Industry News by Nemesis

Dominion Goes Private as Takeover Deal Closes

November 4, 2017

 

The Washington Companies, a group of mining businesses, has completed its acquisition of Dominion Diamond Corporation after receiving all the required approvals. 

Dominion will operate as a standalone, private company under the leadership of new CEO Patrick Evans, who assumes the role with immediate effect, the companies said Wednesday. 

The $1.2 billion acquisition, which the firms announced in July, got the go-head from Dominion shareholders, as well as from the Canadian minister of innovation, science and economic development, and from the nation’s commissioner of competition. 

As a result of the deal, Dominion will no longer be a publicly traded company. Its shares on the Toronto Stock Exchange and the New York Stock Exchange were suspended at the end of trading on Wednesday. The company will cease to be listed on the Canadian platform by the end of trading on Thursday.

Dominion’s board will also admit two new directors who have experience in business and mining, the companies said. One of these is Rolin Erickson, president of Montana Resources, a copper and molybdenum mine owned by Washington. 

“I will work relentlessly with management and our talented employees to help realize the long-term potential of Dominion’s world-class assets, specifically by extending the life of the Ekati mine,” Evans said. Part of this plan will be to develop the Jay extension project, which Dominion predicts will add a decade to the Ekati deposit’s life span, Evans added. 

“We fully support Dominion’s existing strategy and its exceptional employees, and we are confident that Dominion will continue to offer long-term benefits to all of the company’s stakeholders,” said Washington Companies president Lawrence Simkins.

 

Source: Rapaport

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