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Newmont Announces Png Competition Commission Clearance For Acquisition Of Newcrest

Aug 02, 2023•almost 2 years ago

Acquiring Company

Newmont

Acquired Company

Newcrest Mining

DenverMining TechnologyMining

Description

Newmont Corporation (NYSE: NEM, TSX: NGT) today announced that Papua New Guinea’s (PNG) Independent Consumer & Competition Commission (ICCC) granted clearance for the Company to proceed with its proposed acquisition of Newcrest Mining Limited (ASX, TSX, PNGX: NCM). Newmont, in consultation with Newcrest, has also determined that no premerger notification under the Hart-Scott-Rodino Act will be required in the United States for the transaction to move forward.

Company Information

Company

Newmont

Location

6900 E Layton Avenue Suite 700

Denver, Colorado, United States

About

Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925. At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont’s sustainability strategy and initiatives, visit our annual Sustainability Report at www.newmont.com.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed

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