Shearman And Sterling

News July 24, 2019

Barrick’s Recommended Offer to Acquire Acacia

Shearman & Sterling is advising Acacia Mining plc on the recommended offer by Barrick Gold Corporation to acquire the share capital of Acacia that Barrick does not already own, to be implemented by way of a scheme of arrangement, in a deal that values Acacia at approximately $1.2 billion (excluding the special dividend described below).

Under the terms of the acquisition, Acacia's minority shareholders will: (i) receive 0.168 Barrick shares for every Acacia share; and (ii) be entitled to receive a special dividend relating to the sale of certain of Acacia's exploration properties within two years following completion.

Acacia is the U.K. holding company of the Acacia Group, Tanzania’s largest gold miner and one of the largest producers of gold in Africa. The Acacia Group has three mines, all located in northwest Tanzania: Bulyanhulu, Buzwagi and North Mara. The Acacia Group also has a portfolio of exploration projects in Kenya, Burkina Faso and Mali. Acacia is a U.K. public company headquartered in London and listed on the Main Market of the London Stock Exchange with a secondary listing on the Dar es Salaam Stock Exchange.

Barrick, which currently owns approximately 63.9% of the issued share capital of Acacia, is a leading international gold mining company, with headquarters in Toronto, Canada. Barrick's shares trade on the NYSE and the Toronto Stock Exchange.

The Team