Ashurst has advised Sibanye Gold Limited (Sibanye) on the A$413 million acquisition of Aquarius Platinum Limited (Aquarius).

Sibanye and Aquarius have entered into an implementation agreement pursuant to which Sibanye will acquire all of the issued capital of Aquarius by way of an amalgamation regulated by the Bermuda Companies Act.
The amalgamation values Aquarius at US$294 million (approximately A$413 million), representing a 62% premium to Aquarius' one-month Volume Weighted Average Price.

Lead partner on the matter, Roger Davies, said: "We are delighted to have advised Sibanye in relation to this significant transaction. This represents a major milestone in Sibanye's expansion as a leading producer of platinum group metals.

"The matter has been truly cross-border, Sibanye being a South African company listed on JSE and NYSE, and Aquarius a Bermuda incorporated company listed on ASX, JSE and LSE.

 "It has been a pleasure to assist Sibanye with this challenging deal, which navigated multi-jurisdictional legal issues and employed a novel transaction structure (from an Australian perspective) to achieve Sibanye's desired commercial outcomes while minimising execution risk."

The Ashurst team was comprised of partner Roger Davies (lead) and lawyers Themo Georgiou and Rowan Krasnoff (Perth), and partner Robert Ogilvy Watson, counsel Caroline Chambers and associate Deena McCabe (London).