Impala Platinum Holdings Ltd. entered a definitive agreement to purchase pure-play palladium producer North American Palladium Ltd. for about C$1.0 billion.
Implats will purchase an 81% stake from the majority shareholder, Brookfield Asset Management Inc.'s Brookfield Business Partners LP, for a total of about US$570 million in cash at C$16.00 per common share. The remaining shareholders, holding 19%, will receive C$19.74 per share.
The agreement was unanimously approved by the boards of both North American Palladium and Implats, and directors of the former recommended its shareholders to approve the deal.
The transaction is expected to close in the fourth quarter.
