MAC is a copper-focused producer whose key asset is the CSA Copper Mine in Cobar, New South Wales. Harmony is a global gold and copper mining company headquartered in South Africa. Under the binding implementation deed, Harmony will acquire 100% of MAC through a Jersey scheme of arrangement.
The transaction represents a fully diluted equity value for MAC of approximately US$1.03 billion (AUD$1.6 billion) and provides MAC shareholders with US$12.25 (AUD$18.93) per share in cash – a 32.1% premium to the 30-day VWAP of MAC’s NYSE-listed shares. The all-cash nature of the offer delivers immediate and certain value to MAC shareholders, and marks a significant strategic acquisition for Harmony in the global copper sector.
The G+T team was led by Corporate Advisory partner Simon Rear, supported by partner Justin Mannolini, and lawyers Michael Van Der Ende, Maree Casey, Meng-Yeow Lim, Adam Sibum, Alana Cristinelli and Lara Lindegger. The Corporate Advisory team was also supported by partners Dom McGreal, Marshall McKenna and Patrick Tydde, special counsel Lauren Shave and lawyer Jamie Ammendolea.
Other members of MAC’s advisory team included Barrenjoey as financial advisor, Skadden, Arps, Slate, Meagher & Flom LLP as US and UK legal counsel, Ogier (Jersey) LLP as Jersey legal counsel, and Webber Wentzel as South African legal counsel.
Simon Rear commented:
This transaction is a landmark cross-border acquisition in the copper sector, demonstrating the strong global demand for quality copper assets in a tier one mining jurisdiction. We are immensely pleased to be advising MAC on this significant transaction and proud to bring our cross-jurisdictional and multi-disciplinary expertise to such a significant deal. Having assisted with MAC’s ASX Listing and $325 million IPO in 2024, it is once again a privilege to be working alongside the outstanding executive team of Mick McMullen, Morne Engelbrecht and Chris Rosario. It is great to be working with the excellent Barrenjoey team as well as with Skaddens, Ogier and Webber Wentzel.
