Endeavour Mining enters C$1 billion all-stock agreement to acquire SEMAFO Inc.

Lead Office

Toronto

Value

1.00 Billion CAD

On March 23, 2020, Endeavour Mining Corporation announced it had entered into a definitive agreement to acquire SEMAFO Inc. in an all-stock acquisition valued at C$1 billion. This acquisition will create a leading West African gold producer, with six operations, and one of the top 15 gold producers globally.

In addition, La Mancha Holding S.a.r.l., which currently holds approximately 31% interest in Endeavour Mining, has committed to invest US$100 million in support of the acquisition and will hold an interest of approximately 24% in the combined equity upon completion of the acquisition. The acquisition is expected to close in the second quarter of 2020.

Endeavour Mining Corporation is a TSX-listed West African gold producer that operates four mines across Côte d’Ivoire and Burkina Faso.

SEMAFO Inc. is a Canadian-based, TSX-listed gold producer with over twenty years’ experience building and operating mines in West Africa. SEMAFO Inc. operates two mines, the Mana and Boungou Mines in Burkina Faso.

McCarthy Tétrault LLP is advising Endeavour Mining on its acquisition with a team led by Eva Bellissimo and Shea Small that includes Isabelle Nazon, Camille Paquette, Konstantin Sobolevski and Claire Lehan (Business), Jason Gudofsky and Julien Beaulieu (Competition), Raj Juneja (Tax), Michel Gagné, Gabriel Querry and Jean-Simon Castonguay (Litigation) and Diana Theophilopoulos (Labour and Employment).

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