Yamana Gold Agrees to Be Acquired by Agnico Eagle Mines and Pan American Silver in $4.8 Billion Transaction

Paul, Weiss is advising Yamana Gold Inc. in its cash-and-stock joint acquisition by Pan American Silver Corp. and Agnico Eagle Mines Limited. Under the terms of the transaction, Yamana will sell all of its Canadian assets, including its 50% interest in the Malartic mine, to Agnico for $1 billion in cash and 36.1 million Agnico common shares; Yamana will then sell all of its issued and outstanding common shares to Pan American for approximately 153.5 million Pan American common shares. In connection with the transaction, Yamana’s board of directors unanimously recommended that Yamana shareholders vote against approval of Yamana’s acquisition by South Africa’s Gold Fields at a special shareholder meeting to be held on November 21. Following this change in recommendation, Gold Fields terminated its agreement to acquire Yamana.

Yamana is a Canadian-based precious metals producer with significant gold and silver production, development stage properties, exploration properties and land positions throughout the Americas.

The Paul, Weiss team includes corporate partners Adam Givertz, Ian Hazlett and Christopher Cummings, and counsel Christian Kurtz; tax partners Matthew Jordan and David Mayo, and counsel Sarah Katz and Alyssa Wolpin.