It will now operate as a private firm.
CALGARY, ALBERTA and MISSOULA, MT — The Washington Cos. has completed its $1.2 billion acquisition of Dominion Diamond Corp.
Northwest Acquisitions ULC, an entity affiliated with Washington, bought all of the issued and outstanding common shares of Dominion (TSX: DDC, NYSE: DDC) for US$14.25 per share in cash.
The deal was originally announced in July. Dominion will operate as a private standalone company.
Patrick Evans has been appointed CEO, effective immediately. The Dominion board of directors "has been reconstituted with new directors who possess a mix of relevant business and mining expertise," including Rolin Erickson, president of Montana Resources, a copper and molybdenum mine owned by Washington, according to a press release.
"I am pleased to join Dominion Diamond at this exciting time for the company," Evans said. "I will work relentlessly with management and our talented employees to help realize the long-term potential of Dominion’s world-class assets, specifically by extending the life of the Ekati mine, investing to develop the Jay Project and reinvigorating our exploration program. I have long admired Dominion Diamond’s deep ties to the Northwest Territories and Nunavut and to Yellowknife in particular, and I look forward to continuing that legacy with the full support and resources of The Washington Companies."
According to the release: "It is expected that the common shares of the Company will be delisted from the Toronto Stock Exchange at the end of trading on November 2, 2017, and suspended from trading on the New York Stock Exchange at the end of trading on Nov. 1, 2017."
Lawrence R. Simkins, president of Washington, said, "We fully support Dominion’s existing strategy and its exceptional employees, and we are confident that Dominion will continue to offer long-term benefits to all of the company’s stakeholders."
The Washington Cos. is a group of privately held North American mining, industrial and transportation businesses founded by industrialist and entrepreneur Dennis R. Washington.
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