TORONTO — Endeavour Mining Corp. has signed a deal to buy Teranga Gold Corp. in an all-stock deal valued at about $2.4 billion.
Under the plan, Teranga shareholders will receive 0.47 of an Endeavour share for each Teranga share they own.
Existing Endeavour shareholders will own 66 per cent of the combined company, while Teranga shareholders will own 34 per cent.
The deal requires approval by shareholders at both companies with meetings expected to be held in the first quarter of next year.
Endeavour has two mines in Cote d’Ivoire and four mines in Burkina Faso as well as four potential development projects and a portfolio of exploration assets.
Teranga has a mine in Senegal and one in Burkina Faso as well as exploration projects in the region.
This report by The Canadian Press was first published Nov. 16, 2020.
Companies in this story: (TSX:TGX, TSX:EDV)
The Canadian Press