Sibanye Gold to Acquire Stillwater Mining for $2.2 Billion
December 9, 2016
Cleary Gottlieb is representing Bank of America Merrill Lynch as financial advisor to Stillwater Mining Company in connection with the proposed sale of Stillwater to Sibanye Gold Limited for approximately $2.2 billion.
The transaction was announced on December 9, 2016, and is expected to close in the second quarter of 2017, subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals and the approval of Stillwater’s and Sibanye’s stockholders. Stillwater shares were priced at $18.
Stillwater is the only U.S. miner of platinum group metals (PGMs) and the largest primary producer of PGMs outside of South Africa and the Russian Federation. PGMs are rare precious metals used in a wide variety of applications, including automobile catalysts, fuel cells, hydrogen purification, electronics, jewelry, dentistry, medicine and coinage.