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Northern Star completes $3.25 billion acquisition of De Grey Mining
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Release time：2025-05-07
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Eligible De Grey shareholders will receive 0.119 new Northern Star shares for each De Grey share held.
Australian gold mining company Northern Star Resources announced that it has received court approval to complete the acquisition of gold mining company De Grey Mining.
Northern Star Resources agreed to acquire De Grey in an all-stock transaction in December 2024, with a post-transaction valuation of approximately A$5 billion (US$3.25 billion). Eligible De Grey shareholders holding De Grey shares on the record date of April 28, 2025, will receive 0.119 new Northern Star shares for each De Grey share held. In addition, Northern Star will issue sales nominee shares to shareholders deemed ineligible or subject to withholding due to foreign resident capital gains tax considerations. The share sale is handled by sales agents, and the net proceeds will be distributed to the relevant shareholders as set out in the De Grey plan booklet.
Northern Star Managing Director and CEO Stuart Tonkin said: "The acquisition of De Grey aligns with our strategic objective of creating superior returns for our shareholders. We believe the Hemi project will be a low-cost, long-life, large-scale gold mine in the Tier 1 jurisdiction of Western Australia, contributing to the quality and cash flow generation of our portfolio." He added: "The Northern Star team looks forward to integrating the Hemi project into our portfolio and building strong relationships with the Kariyarra people, other traditional owners in the Hemi project area, and all stakeholders."
As part of this acquisition, De Grey has initiated its delisting process. Since the transaction became effective, De Grey shares have been suspended from trading and will be formally removed from the official list of the Australian Securities Exchange (ASX), with official quotes ceasing after the close of trading today.
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