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Eldorado Gold CEO George Burns answers questions during a news conference in Athens, Greece, in 2017.Petros Giannakouris/The Associated Press
Eldorado Gold Corp. ELD-T says it has signed a deal to acquire Foran Mining Corp. FOM-T that values the company at $3.8-billion.
Eldorado chief executive George Burns says the combination creates a stronger gold and copper growth company, with a portfolio of long-life assets, exploration upside and exposure to critical minerals across a multi-jurisdictional portfolio.
Under the agreement, Foran shareholders will receive 0.1128 of an Eldorado share plus a penny in cash for each Foran share held.
Eldorado shares closed at $58.42 on the Toronto Stock Exchange on Friday, while Foran shares finished last week at $6.59.
Eldorado shareholders will hold about 76 per cent of the combined company, while Foran shareholders will own about 24 per cent.
The deal, which requires a vote by Foran shareholders, is also subject to regulatory approvals and other closing conditions.
