The Washington Companies’ $1.2 Billion Acquisition of Dominion Diamond Corporation

Paul, Weiss advised the special committee of Dominion Diamond Corporation in its $1.2 billion sale to The Washington Companies.

Under the terms of the all-cash deal a Washington affiliate acquired the Canadian diamond mining company for $14.25 per share. The Washington Companies are a group of privately held North American mining, industrial and transportation businesses founded by industrialist and entrepreneur Dennis R. Washington.

Patrick Evans, CEO of Dominion, said, “I am pleased to join Dominion Diamond at this exciting time for the Company. I will work relentlessly with management and our talented employees to help realize the long-term potential of Dominion’s world-class assets, specifically by extending the life of the Ekati mine, investing to develop the Jay Project and reinvigorating our exploration program.” Meanwhile, on the purchaser’s side, “This is an exciting day for Dominion Diamond and The Washington Companies,” said Lawrence R. Simkins, President of Washington. “We fully support Dominion’s existing strategy and its exceptional employees, and we are confident that Dominion will continue to offer long-term benefits to all of the Company’s stakeholders.” In addition to naming Evans CEO, the Dominion Board of Directors will include new directors who possess a mix of relevant business and mining expertise, such as Rolin Erickson, President of Montana Resources, a copper and molybdenum mine owned by Washington.

The Paul, Weiss team included corporate partners Adam Givertz (Picture) and Dale Sarro; tax partner Scott Sontag; and litigation partner Andrew Gordon.

 

Involved fees earner: Adam Givertz – Paul Weiss Rifkind Wharton & Garrison; Dale Sarro – Paul Weiss Rifkind Wharton & Garrison; Scott Sontag – Paul Weiss Rifkind Wharton & Garrison; Andrew Gordon – Paul Weiss Rifkind Wharton & Garrison;

Law Firms: Paul Weiss Rifkind Wharton & Garrison;

Clients: Dominion Diamond Corporation;

 

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Author: Ambrogio Visconti