Gold giant to divest $1 billion stake
VANCOUVER— The world’s largest gold producer is exiting its position in Tahoe Resources.
In a secondary offering, Goldcorp will sell off 58,051,692 common shares of Tahoe at $17.20 per share. The sale will amount to $998.5 million and is scheduled to close June 30. GMP Securities LP and BMO Capital Markets will act as joint bookrunners on behalf of a syndicate of underwriters, who will then resell the shares to investors.
Goldcorp has divested numerous non-core assets over the past several months as part of its growth strategy.
Tahoe, founded in Vancouver and now headquartered in Nevada, is a precious minerals company with operations throughout North America. Its most significant asset is the Escobal Mine in Guatemala.