Newcrest shareholders will receive 0.4 Newmont shares for each Newcrest share and a special dividend of up to $1.10 per share paid by Newcrest.
The deal “further strengthens Newmont’s position as the responsible gold mining leader through the combination of high-quality operations, projects and reserves concentrated in low-risk jurisdictions, including 10 Tier 1 operations that will support decades of safe, profitable and responsible gold and copper production,” the company said.
The transaction is expected to close in the fourth quarter of 2023. Newmont used BofA Securities, Centerview Partners, Lazard, and BMO Capital Markets as its financial advisers, the press release stated.
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