Triple Flag to buy peer Maverix Metals in $600m deal
Triple Flag Precious Metals Corp said on Thursday it would buy smaller peer Maverix Metals in a deal valued at $606-million to cement its position as the fourth-largest senior streaming and royalty company globally.
The company said it expects the deal to add to its net asset value as well as cash flow per share.
Streaming and royalty firms provide financing for exploration and development to precious metals producers in return for a cut in any future output.
Maverix stockholders may elect to receive either $3.92 in cash or 0.360 of a Triple Flag share for each share held, implying a premium of 10% to Maverix last close.
The deal is expected to be completed in January 2023, after which Triple Flag and Maverix shareholders would own about 77% and 23%, respectively, of the combined company.
The agreement allows Triple Flag to match superior proposals and a $24-million termination fee.
The combined company will continue as Triple Flag Precious Metals Corp, headquartered in Toronto, with Geoff Burns, founder and chair of Maverix, and another nominee of Maverix expected to join the Triple Flag board.
US-listed shares of Maverix rose 3.6% in premarket trade, while Triple Flag stock was flat.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation