Deals
Anatolia to Buy Avoca Resources for C$1 Billion
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Anatolia Minerals Development Ltd., which is developing a gold mine in Turkey, agreed to buy Avoca Resources Ltd. for C$1.01 billion ($970 million) to add production in Australia.
Anatolia will pay 0.4453 of a share for each Avoca share, the companies said in a joint statement today. That values each Avoca share at C$3.48, based on Englewood, Colorado-based Anatolia’s closing price yesterday on the Toronto Stock Exchange. The bid is about 9.4 percent more than Avoca’s closing price in Sydney today, according to Bloomberg calculations. The enlarged company will be renamed Alacer Gold Corp.