The all-scrip scheme of arrangement transaction will see Northern Star acquiring De Grey
King & Wood Mallesons (KWM) and Gilbert + Tobin (G+T) have confirmed their roles in Northern Star Resources Ltd’s proposed acquisition of De Grey Mining Limited for $5bn.
The purchase will be made via a court-approved, all-scrip scheme of arrangement under the Corporations Act. The two companies inked a binding scheme implementation deed that will see Northern Star snap up all of De Grey’s shares.
In the process, De Grey’s flagship Hemi Gold Project will be absorbed into Northern Star’s portfolio. The resulting WA gold mining company will be valued at $24bn as per 2 December share prices.
“This pivotal transaction, involving one of the largest undeveloped gold projects in a Tier-1 mining jurisdiction, will allow De Grey shareholders the opportunity to become shareholders in an ASX 50 gold producer”, G+T lead partner Sarah Turner said.
According to KWM, the acquisition is set for implementation in either late April or early May 2025. The firm assisted Northern Star with all aspects of the transaction, including negotiation and agreement of binding documentation and legal due diligence.
M&A partner Antonella Pacitti headed up the KWM team. Partner Roger Davies, senior associates Jacob Carmody and Toby Newnes, and solicitors Cairo Leicester, Tom Carmody, Gabrielle O’Hara and Isabella Watkins made up the core team.
The team also got specialist advice from the following:
Mining:
Partner Lorenzo Pacitti, senior associates Chris Barry and Chelsey Schroeter, and solicitor Tom Robins
Environment and tenure
Partner Sally Audeyev and solicitor Cohen Augustson
Finance
Partner Dan Flanagan and solicitor Hue Pham
Tax
Partner Greg Protektor and senior associate David Blight
Meanwhile, Turner’s team at G+T consisted of fellow partner Justin Mannolini, senior associate Janelle Sputore, lawyers Sarah Urquhart and Adam Sibum, and graduate Rachael Griffiths-Szeto.
