The Ontario Superior Court of Justice has granted a final order approving the previously announced acquisition of Maverix Metals by Triple Flag Precious Metals Corp. Pursuant to the arrangement, Triple Flag will acquire all of the shares of Maverix for $3.92 in cash per share, which implies an equity value of $606 million.
Triple Flag announced the arrangement in November 2022. The company said the transaction would add scale and enhanced diversification, bringing its portfolio to 29 paying assets and 228 assets overall. It would immediately increase Triple Flag’s gold equivalent ounces (GEOs). Maverix is a gold-focused royalty and streaming company with a globally diversified portfolio of over 140 assets.
“This transaction would create the world’s leading gold-focused emerging senior streaming and royalty company, bringing together two complementary portfolios in a compelling combination,” said Shaun Usmar, founder and CEO of Triple Flag. “The combination builds on Triple Flag’s 26% compound annual growth rate in GEOs over the past five years, increasing from 84,000 oz in 2021 to an expected average of over 140,000 oz over the next five years, before factoring in the additional organic growth potential from the significant portfolio of exploration and development stage assets.”