AngloGold Ashanti’s Acquisition of Corvus

On September 13, 2021, AngloGold Ashanti Limited (“AngloGold Ashanti”), an independent, global gold mining company, and Corvus Gold Inc. (“Corvus”), a North American gold exploration and development company, announced that they have entered into a definitive arrangement agreement pursuant to which AngloGold Ashanti has agreed to acquire the remaining 80.5% of common shares of Corvus not already owned by AngloGold Ashanti at a total transaction cost of approximately US$370 million in cash. The transaction implies a total equity value for all Corvus common shares and outstanding options to acquire Corvus common shares of approximately US$450 million. Cravath acted as U.S. counsel to AngloGold Ashanti in connection with the transaction.

The Cravath team is led by partners George A. Stephanakis and Richard Hall and includes associates Lawrence J. Verhelst, Marianne Madden, Somi A. Umolu, Emma C. Ireland and Johannes K. R. Liefke on M&A matters; partner Christopher K. Fargo and associate Cecily Xi on tax matters; partner Eric W. Hilfers and associates Christopher C. Gonnella and Brendon J. Rivard on executive compensation and benefits matters; senior attorney Joyce Law and practice area attorney Brian M. Budnick on real estate matters; and senior attorney Annmarie M. Terraciano on environmental matters.