Paladin Energy closes $1.27 billion acquisition of Fission Uranium
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The news: Paladin Energy has completed its acquisition of Fission Uranium Corp as it looks to integrate the Canadian explorer into its global business after receiving approval from Canadian authorities.
Fission CEO Ross McElroy will resign upon completion of the transaction with Paladin. A non-executive director and a senior executive in Canada will be appointed to manage its operations there.
Fission will delist from the Toronto Stock Exchange on Tuesday and is expected to be replaced by a Paladin dual-listing around 27 December.
The numbers: The major acquisition values Fission at around $1.27 billion.
As part of the tie up, Fission shareholders will own around 24% of Paladin. Each eligible shareholder will receive 0.1076 Paladin shares for every Fission share they owned prior to the deal.
The context: The deal had faced a number of regulatory hurdles since it was first proposed in June. That included an 11th hour review by Investment Canada in October and a national security review amid stricter scrutiny of foreign takeovers in the mining sector.
Despite the extra obstacles, the Paladin deal received final approvals last week with the completion of the deal coming earlier than expected.
The source: ASX
