Sibanye To Buy Stillwater For $18.00/shr - Quick Facts

(RTTNews) - Stillwater Mining Company (SWC) announced it has entered into an agreement with Sibanye Gold Limited (SBGL), under which Sibanye will acquire Stillwater for $18.00 per share in cash representing an aggregate enterprise value of $2.2 billion. The Board of Stillwater Mining has unanimously approved the transaction.

Mick McMullen, CEO of Stillwater Mining, stated: "This compelling all-cash transaction delivers immediate value to shareholders and appropriately recognizes the value of Stillwater's high-grade and long-life assets and world-class metallurgical and PGM recycling complex, as well as Stillwater's potential for brown field expansions through the development of our Blitz and Lower East Boulder projects."

Sibanye has secured bridge financing of $2.7 billion provided by Citi and HSBC to fund the transaction consideration and repay certain existing indebtedness of Stillwater. Sibanye's two largest shareholders, Gold One International Ltd. and Public Investment Corporation Ltd., which in aggregate represent 29% of Sibanye's issued share capital, have confirmed their support of the transaction. The parties expect the closing to occur in the second quarter of 2017.