Connect with us

Headlines

It’s Official: Diamond Company Acquired in $1.2B Deal

mm

Published

on

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.”

Advertisement

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.

Advertisement

SPONSORED VIDEO

Thinking of Liquidating? Think: Wilkerson

When Peter Reines, owner of Reines Jewelers in Charlottesville, VA, decided it was time to turn over the “reins” of his 45-year-old business to Jessica and Kevin Rogers, he chose Wilkerson to run his liquidation sale. It was, he says, the best way to maximize the return on his decades-long investment in fine jewelry. Now, with new owners at the helm, Reines can relax knowing that the sale was a success, and his new life is financially secure. And he’s glad he partnered with Wilkerson for this once-in-a-lifetime opportunity. “There’s just no way one person or company could run a sale the way we did,” he says.

Promoted Headlines

Advertisement

Advertisement

Advertisement

Subscribe


BULLETINS

INSTORE helps you become a better jeweler
with the biggest daily news headlines and useful tips.
(Mailed 5x per week.)

Latest Comments

Most Popular