Leading global law firm Herbert Smith Freehills Kramer has advised Adriatic Metals Plc (Adriatic) on its recommended acquisition by Dundee Precious Metals Inc. (DPM) for c.US$1.3 billion.
Adriatic is a London listed precious and base metals producer, producing silver/lead and zinc concentrates from its Vareš Silver Operation in Bosnia and Herzegovina. Adriatic’s asset portfolio also includes the exploration-stage Raška Project in Serbia. Based in Canada, DPM is a gold mining company, which engages in the acquisition, exploration, development, mining and processing of precious metals. DPM operates in Bulgaria, Serbia and Ecuador.
The transaction is expected to be implemented by way of a scheme of arrangement, with the consideration payable in shares and cash under a mix and match facility. Following completion, it is expected that Adriatic shareholders will hold approximately 25% of DPM’s enlarged share capital.
The Herbert Smith Freehills Kramer team was led by Corporate M&A partner and head of mining (UK and EMEA), Greg Mulley, alongside partners Charles Steward and Robert Moore. The wider team included corporate senior associates Anna Le Poidevin and Katerina Jovanovska and associates Trevor Lowe, Yasmin Jackson and Lev Tolstopyatov. Partner Philippa Stone and senior associate Simon Walker advised on Australian law matters, partner Mark Ife, senior associate Niall Crean and associate Alanna Gardella advised on remuneration and incentives related matters, and UK head of Competition/Antitrust, Regulation and Trade Veronica Roberts and senior associates Sam Tappenden and Tom Kemp advised on competition matters. Supporting on Canadian law matters were partners Jay Kellerman and Janel Young of Stikeman Elliott.
Greg Mulley, Corporate M&A partner and head of mining (UK and EMEA) at Herbert Smith Freehills Kramer, commented: “We are incredibly proud to have supported Adriatic on this significant deal. This is a key milestone for Adriatic and we are delighted to have played our part.”