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Sawiris-backed Endeavour acquires Teranga in $1.86B deal

Sawiris-backed Endeavour acquires Teranga in $1.86B deal

ArabFinance: Endeavour Mining Corporation, in which Egyptian billionaire Naguib Sawiris owns a stake, approved to purchase Teranga Mining Corporation at a value equivalent to $1.86 billion (EGP 29.04 billion), according to Bloomberg calculations.

Endeavour said on November 16th that the acquisition offer is carried out under the Canada Business Corporations Act.

The formed entity will create “a new top 10 senior gold producer,” with average annual production exceeding 1.5 million ounces of gold across West Africa, according to Endeavour.

The new combination will have an industry-leading development pipeline of six greenfield projects, in addition to the “largest exploration portfolio across the underexplored West African Birimian Greenstone Belt,” the company added.

In a separate statement, Teranga announced the takeover of its issued and outstanding securities by the Sawiris-backed firm.

Last week, the two companies confirmed the negotiations over the potential merger.

 

*At press time, the conversion rate is $1 = EGP 15.62

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