Canada's Osisko Mining to be acquired by Gold Fields

Deal valued at C$2.16 billion

Transaction expected to close in 2023

Gold Fields Limited (GFI) has agreed to acquire Osisko Mining Inc. (OSK) for C$2.16 billion (US$1.57 billion) in a deal expected to close in 2023.

The acquisition will add Osisko's high-quality Windfall gold project in Quebec to Gold Fields' portfolio, increasing its production and reserves. Gold Fields is a South African gold mining company with operations in South Africa, Ghana, Australia, and Peru.

The deal is subject to regulatory approvals and the approval of Osisko shareholders. If approved, it will be the largest acquisition in Gold Fields' history.

Gold Fields' CEO Chris Griffith said the acquisition is a "transformational transaction" for the company.

"Windfall is a world-class asset that will significantly enhance our portfolio and create long-term value for our shareholders," Griffith said.

Osisko's CEO Sean Roosen said the deal is a "great outcome" for the company's shareholders.

"We believe that Gold Fields is the ideal partner to develop Windfall and unlock its full potential," Roosen said.