South Africa's Impala Platinum Holdings Ltd. closed its C$1.0 billion acquisition of Canada's North American Palladium Ltd., which will operate as Impala Canada Ltd.

Under the terms, North American Palladium majority shareholder Brookfield Business Partners LP will receive C$16.00 per share. Remaining shareholders will receive C$19.74 per share.

The deal allowed Implats to add the Lac des Iles palladium mine in Ontario to its portfolio. An updated feasibility study in September 2018 valued Lac des Iles at C$637 million.

Impala Canada will be led by CEO Tim Hill, the former CFO of North American Palladium. The company's Toronto headquarters will become Implats' regional office, while North American Palladium's finance and exploration offices will remain in Thunder Bay, Ontario.

Shares in North American Palladium will be delisted from the Toronto Stock Exchange by Dec. 16.