On September 12, 2018, De Beers Canada Inc. acquired Peregrine Diamonds Ltd., a diamond exploration and development company listed on the Toronto Stock Exchange, through a plan of arrangement. Pursuant to the transaction, De Beers acquired all of the issued and outstanding common shares of Peregrine Diamonds for $0.24 per share in cash, for a total equity value of approximately $107 million.
De Beers is part of the De Beers Group which is a member of Anglo-American plc. Established in 1888, De Beers Group is the world’s leading diamond company with expertise in the exploration, mining and marketing of diamonds.
De Beers was advised in Canada by Fasken Martineau DuMoulin LLP with a team led by Krisztián Tóth, and that included Bradley Freelan, Mitchell Thaw and Florind Polo in Toronto, and Johanna Fipke in Vancouver.
Peregrine Diamonds was advised by Koffman Kalef LLP, Vancouver, with a team led by Bernard Poznanski, and that included Wendy Lee and Jennifer Wriley (Securities and M&A), David Pedlow (Tax), Jasmin Ahmad (Litigation) and Mark Wong (Competition Law).
Cassels Brock & Blackwell LLP acted for the Special Committee of the Board of Directors of Peregrine with a team that included Paul Stein, Jeff Roy, Jen Hansen and Jamie Litchen (Securities and M&A).