Caisse de dépôt, CPPIB to fund $1 bln acquisition of Osisko's mining interests
Osisko Mining Corp (TSX: OSK) has agreed to the purchase of 50% interest of its mining and exploration assets by Yamana Gold Inc (TSX:YRI; NYSE:AUY) for around $930 million. The deal reflects a $441.5 million cash payment by the Toronto-based Yamana and 95.7 million in shares. Additionally, Osisko has entered into arrangements totaling $550 million with CPPIB Credit Investments and the Caisse de dépôt et placement du Québec for the sale of a gold stream on its Canadian Malartic Mine and an increase in its credit facility. Combined investments will generate $1 billion in cash to be distributed to Osisko shareholders, the Montréal-based company said. Osisko investors will vote on the Yamana deal no later than May 20, 2014. In January, the Vancouver-based Goldcorp Inc (TSE: G) made a hostile $2.6 billion bid to acquire Osisko.
