Goldcorp Inc.(TSX:G, NYSE:G) announced on Monday that it has been bought out by rival Newmont Mining
Corporation (NYSE: NEM) for
$10 billion (USD)in a stock-for-stock transaction.
Under the agreement, both leading companies were merge into
Newmont Goldcorp, one of the largest goldminers, with projects in the Americas, Australia and Ghana. Newmont Chief Executive Officer Gary Goldberg will oversee the closure of the transaction and integration of both companies. The company expects this process to be substantially completed in Q4 2019.
Goldcorp shares were up 13% in premarket trading as the announcement was made.
This M&A comes after
Barrick Gold Corp. bought rival
Randgold Ltd. for $5.4 billion in
September 2018.