Deals
Roman Abramovich Sells Out in $1.4 Billion Gold Deal
- Shareholders owning 40% of Highland have agreed to sell
- Highland Gold independent directors recommend Fortiana offer
Roman Abramovich, center.
Photographer: Laurence Griffiths/Getty Images
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Billionaire Roman Abramovich agreed to sell his stake in a Russia-focused gold miner, the latest in a wave of precious-metal deals, as bullion trades at a record high.
Abramovich and other investors holding about 40% of Highland Gold Mining Ltd. agreed to sell their shares to Fortiana Holdings Ltd. in a deal valuing the miner at about $1.4 billion. Fortiana will make an offer to the rest of Highland’s shareholders at the same price of 3-pounds-per-share ($3.94), a 3.8% premium to Thursday’s closing price.