The deal is done: Dominion Diamond Corporation announced that The Washington Companies will “acquire all of Dominion’s outstanding common shares for $14.25 per share in cash or a total equity value of approximately $1.2 billion”, according to IDEX Online.
The Washington Companies is an American, privately held company, of “mining, industrial and transportation businesses” owned by Dennis R. Washington. According to the piece, Dominion’s directors unanimously approved the deal and plan to recommend the shareholders to approve it.
As part of the acquisition, Washington plans to operate Dominion as a standalone business, appoint a new CEO to Dominion, make new investments in exploration, develop both the Jay and Fox Deep projects and “continue to promote Dominion’s CanadaMark brand for its ethically sourced and premium Canadian diamond”.
