U.S. conglomerate to purchase Dominion Diamond in $1.2B US deal

Dominion Diamond had previously rejected an earlier bid as 'highly opportunistic'

 

U.S-based conglomerate The Washington Companies is buying Dominion Diamond Corporation, one of the world's largest diamond producers, for $1.2 billion US. 

Under the terms of the deal, a subsidiary of The Washington Companies will purchase all of Calgary-based Dominion's outstanding common shares for $14.25 US ($18.03 CDN) a share, the companies announced in a news release Monday.

The deal will give The Washington Companies ownership of Dominion's holdings including two in the Northwest Territories. The Washington companies will take controlling interest in the Ekati mine and 40 per cent ownership of the Diavik mine.

 

Full Story: CBC News