VANCOUVER—Goldcorp has successfully sold off its shares of Vancouver-based Tahoe Resources.
The company has announced that 58,051,692 Tahoe common shares held by Goldcorp were sold at an offering price of C$17.20 per share for gross proceeds of approximately $1-billion. The Offering was completed through a syndicate of underwriters led by GMP Securities L.P. and BMO Nesbitt Burns Inc. A number of other banks were also involved in the sale.
“This transaction is consistent with our long-term commitment to maintaining a strong balance sheet,” said Chuck Jeannes, Goldcorp President and CEO. “The team at Tahoe has done an outstanding job of creating shareholder value and we wish them continued success in the future.”
As a result of the Offering, Goldcorp no longer owns any common shares of Tahoe. The sale, announced earlier this month, is part of Goldcorp’s divestment strategy.