More Mining M&A in 2012 … $2.5B Eldorado Big Deal coming down the pike

On December 18, 2011, Vancouver-based Eldorado Gold Corp. announced that it had agreed to acquire competitor European Goldfields Ltd. for around $2.5 billion in a transaction that will diversify Eldorado’s asset base into Greece and Turkey.

The acquisition will be the largest ever for Eldorado, which had previously been featured in Lexpert’s Big Deals for its $1.8 million acquisition of Sino Gold in 2009.

The European Goldfields board recommended that the shareholders support the proposed takeover and the company decided to delay the ballot for a proposed financing agreement with Qatar Holding Financing (the investment branch of Qatar Investment Authority) until after shareholders vote in mid-February.

Borden Ladner Gervais LLP is advising Eldorado with a team led by mining group chair Fred Pletcher and including corporate partner Kent Kufeldt, tax partners Steven Suarez and Randy Morphy, and antitrust partner Jeffrey Thomas, along with associates Melanie Bradley, Deepak Gill, Stephen Robertson, Jennifer Poirier and Shannon Webber.

Stikeman Elliott LLP is advising European Goldfields with a team led by Derek Linfield, managing partner of the London office, M&A partners Stewart Sutcliffe and Brian Pukier, and tax partner John Lorito, along with associates Andrea Crum-Ewing, Greg Herget, Steven Bennett and Michael Kilby.

– Gena Smith

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