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Dominion Diamond Corporation to Be Acquired by Washington Companies for $1.2 Billion
- Client News
- July 17, 2017
Practices
As widely reported by Bloomberg, Reuters, The Wall Street Journal, The Financial Times and other media outlets, Paul, Weiss client Dominion Diamond Corporation, a Canadian diamond mining company, has agreed to be acquired by The Washington Companies for $1.2 billion. Paul, Weiss is advising the special committee and the board of directors of Dominion in the transaction.
Under the terms of the all-cash deal, an entity affiliated with Washington will acquire Dominion for $14.25 per share. The transaction – the result of a strategic review announced by Dominion on March 27 – represents a 44 percent premium to Dominion’s share price of $9.92 as of March 17, just before Washington made its first public bid for Dominion. The Washington Companies are a group of privately held North American mining, industrial and transportation businesses founded by industrialist and entrepreneur Dennis R. Washington. Dominion, (TSX: DDC, NYSE: DDC) will continue to operate as a stand-alone business, with a new chief executive based in Canada. The transaction, which is expected to close in the fourth quarter of 2017, is subject to shareholder, court and regulatory approvals.
The Paul, Weiss team for Dominion includes corporate partners Adam Givertz and Dale Sarro; and litigation partner Walter Ricciardi.