King & Wood Mallesons (KWM) is proud to have advised Newmont Corporation on the completion of its acquisition of Newcrest Mining Limited by scheme of arrangement.
The landmark acquisition, which officially closed on Monday 6th November 2023, marks Australia’s biggest M&A deal of 2023, and extends Newmont’s lead as the world’s largest gold mining company.
The KWM team coordinated all aspects of completion and its lead up, guiding Newmont to clear global approval and regulatory hurdles, including successfully obtaining Australian Foreign Investment Review Board approval and critical competition approvals in key operational regions such as Papua New Guinea, as well as obtaining the strong endorsement of both sets of shareholders, and coordinating the listing of Newmont and its securities on both the Australian Securities Exchange and the PNG’s National Stock Exchange.
Newmont’s acquisition of Newcrest marks the return of Newmont to the ASX. Newmont now holds a foreign exempt listing in Australia, with Newmont CDIs trading on ASX, in addition to its primary listing on NYSE, and a total market capitalisation of over A$65 billion. Newmont’s admission to the PNGX is the first ever listing of PETS Depository Interests (PDIs) and demonstrates Newmont’s stated commitment to the region.
A multi-disciplinary KWM team was led by Scott Langford (Projects), Will Heath and Antonella Pacitti (M&A), with Partners Simon Cooke (Competition), Adrian Perkins (Projects), Greg Protektor (Tax) and Ruth Rosedale (Employment) providing specialist input, with support from a wide group of dedicated KWM team members across centres, including core team members Jacob Carmody, Jennifer Bell, Adam Caldwell and Jessica Zuiderwijk.
Commenting on the deal, Partners Will Heath, Scott Langford and Antonella Pacitti said:
“Congratulations to our valued and longstanding client, Newmont, on the completion of this transformational acquisition. We are thrilled to have been able to work with Newmont to achieve this goal, and proud to be supporting them as a global mining sector leader. This transaction sets the tone for some exciting deal making activity in the metals and mining sector, including gold.”
