(Toronto) Gold Fields has signed an agreement to purchase Canadian mining company Osisko in a deal valued at approximately $2.16 billion that will see the company consolidate its ownership of the Windfall project in Quebec.
Under the proposal, Gold Fields will pay $4.90 per share for Osisko.
Osisko shares soared 63.1% on the Toronto Stock Exchange on Monday, rising from $2.94 to $4.80 around 11 a.m.
Osisko holds a 50% interest in the Windfall gold deposit in Quebec, while South African company Gold Fields holds the remaining interest.
The transaction is subject to customary conditions, including court, regulatory and shareholder approvals.
The transaction is expected to close in the fourth quarter of this year.
Company in this dispatch: (TSX: OSK)