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Dominion Diamond gets shareholders approval to merge with The Washington Companies

EBR Staff Writer Published 30 September 2017

Dominion Diamond has secured approval from its shareholders to be acquired by The Washington Companies.

In July this year, Washington entered into an agreement to acquire Dominion Diamond for around 1.2bn.

As part of the deal, Washington agreed to purchase all of the issued and outstanding common shares of Dominion Diamond by paying $14.25 per share in cash.

After the completion of the deal, Washington will become long-term operator and builder of Dominion’s assets.

Subject to customary closing conditions, including court approval and the receipt of Investment Canada Act (Canada) approval, the deal is expected to complete by the end of fourth quarter this year.

Dominion Diamond is a Canadian mining firm, which produces and supplies premium rough diamond assortments to the global market.

With a controlling interest, the company operates the Ekati Diamond mine. It also has 40% stake in the Diavik Diamond Mine. Both mines are situated in the Northwest Territories of Canada.

Washington plans to extend the mine life of Ekati for decades in line with the current development plan.

In addition, the company carries out sorting and selling operations in Canada, Belgium and India.

The Washington Companies are having presence in various industries, including mining, rail and marine transportation, aviation, environmental remediation and restoration services. They are also involved in heavy equipment sales and service.