Latest news with #divestiture
Globe and Mail
7 days ago
- Business
- Globe and Mail
Newmont Announces Monetization of Equity Received Through Successful Divestiture Program
Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) ('Newmont' or the 'Company') is pleased to announce that it has executed agreements for the sale of shares in Greatland Resources Limited ('Greatland') and Discovery Silver Corp ('Discovery') for aggregate cash consideration of approximately $470 million, net of taxes and commissions. In February 2024, Newmont announced its intent to divest certain high-quality non-core assets, building an unparalleled portfolio of world class gold and copper operations and projects. The monetization of the Greatland and Discovery shares further streamlines Newmont's equity portfolio, while generating cash for the business. Newmont remains on track to deliver on its 2025 guidance, while continuing to generate strong free cash flow from the Company's world class portfolio of high-quality, long-life assets. With today's announcement, Newmont now expects to generate $3.0 billion in after-tax cash proceeds from its divestiture program in 2025 to support Newmont's capital allocation priorities, which include strengthening our balance sheet and returning capital to shareholders. Sale of Greatland Shares Working in conjunction with Greatland, Newmont agreed to divest half of its shares in June 2025. The Greatland shares sold were received as part of the consideration for the divestment of the Telfer operation and Newmont's 70% interest in the Havieron gold-copper project to Greatland in 2024 (the 'Telfer-Havieron Transaction'). The sale reflects an approximately 230% return relative to the value announced at the time of the Telfer-Havieron Transaction. Following the sale of the shares, Newmont's remaining equity stake in Greatland is approximately 9.9%. Sale of Discovery Shares Working in conjunction with Discovery, Newmont agreed to divest 100% of its shares in May 2025 and July 2025. The Discovery shares sold were received as part of the consideration for the divestment of the Porcupine mine to Discovery in 2025 (the 'Porcupine Transaction'). The sales reflect an approximately 200% return relative to the value announced at the time of the Porcupine Transaction. To facilitate the sales, Discovery agreed to waive certain provisions of the Investor Rights Agreement entered into between the parties with respect to the Porcupine Transaction. Following the settlement of the July 2025 sales 1, Newmont will not be a shareholder of Discovery. About Newmont Newmont is the world's leading gold company and a producer of copper, zinc, lead, and silver. The Company's world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the Company has been publicly traded since 1925. At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont's sustainability strategy and initiatives, go to Cautionary Statement Regarding Forward-Looking Statements This news release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. Forward-looking statements in this news release include, without limitation, expectations regarding divestment of non-core asset and completion of the most recent July agreements for the sale of Discovery shares, including expectations regarding net proceeds. Such statements remain subject to risk and uncertainties, and are based upon assumptions, including, without limitation, final settlement of the share sale transaction, which has not yet occurred as of the date of this release. Forward-looking statements may also include expectations regarding 2025 guidance, including free cash flow generation, capital allocation priorities, future financial performance and portfolio strength. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Estimates or expectations of guidance or future financial performance are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of operations and projects being consistent with current expectations and mine plans; (iii) political developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) certain exchange rate assumptions being approximately consistent with current levels; (v) certain price assumptions for gold, copper, silver, zinc, lead and oil; (vi) prices for key supplies; (vii) the accuracy of current mineral reserve, mineral resource and mineralized material estimates; and (viii) other planning assumptions. Uncertainties include those relating to general macroeconomic uncertainty and changing market conditions, changing restrictions on the mining industry in the jurisdictions in which we operate, impacts to supply chain, including price, availability of goods, ability to receive supplies and fuel, and impacts of changes in interest rates. Uncertainties in geopolitical conditions could impact certain planning assumptions, including, but not limited to commodity and currency prices, costs and supply chain availabilities. The Company does not undertake any obligation to release publicly revisions to any 'forward-looking statement,' including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued 'forward-looking statement' constitutes a reaffirmation of that statement. This announcement does not constitute or form part of any offer or invitation or inducement to sell, or any solicitation of any offer to purchase, any securities of Greatland or Discovery nor shall there be any sale of these securities, in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. 1 The sales of Discovery shares in July 2025 are subject to final settlement, currently anticipated to be in late-July 2025.
Globe and Mail
04-07-2025
- Business
- Globe and Mail
HSBC Agrees to Sell UK Life Insurance Business to Chesnara
HSBC Holdings plc HSBC has agreed to sell its life insurance business in the U.K., HSBC Life (UK) Limited, to Chesnara, a life and pensions consolidator, for a cash consideration of £260 million. The completion of the deal, subject to customary regulatory approvals, is expected in early 2026. Steve Murray, the CEO of Chesnara, stated, 'The proposed acquisition of HSBC Life (UK) represents a material step up in scale for Chesnara Group. HSBC Life (UK) is a high-quality business operating in products that we know well and is capable, under our ownership, of generating substantial cash flows for many years. This highly accretive transaction will allow us to build on our strong, 20-year track record of uninterrupted dividend growth.' Details of HSBC's Divestiture Deal Chesnara expects the acquisition to generate incremental lifetime cash of more than £800 million, including above £140 million in the first five years following closure. The acquisition of HSBC Life (UK) is the biggest to date for Chesnara and is expected to increase the latter's assets under administration by £4 billion and add 454,000 policies to its U.K. operations. Chesnara expects the transaction to increase its final fiscal 2025 and interim fiscal 2026 dividends by an adjusted 6%. The £260-million consideration will be financed through a mix of £55 million in internal cash, a £65 million drawdown from Chesnara's amended £150 million revolving credit facility, and gross proceeds of approximately £140 million from a fully underwritten rights issue. Chesnara expects the deal to result in its inclusion in the FTSE 250 index. HSBC Life Sale Aligns With Bank's Simplification Efforts HSBC's move aligns with its broader repositioning strategy to streamline operations, focusing more on markets with strong growth potential, as highlighted by CEO Georges Elhedery in October 2024. The sale of the life insurance business in the U.K. is, thus, the latest in a series of asset disposals by HSBC as the bank seeks to focus more on Asia. A few days ago, HSBC's subsidiary, HSBC Continental Europe, entered an agreement to sell its custody operations in Germany to BNP Paribas BNPQY. Although the financial terms of the agreement remain undisclosed, the deal will involve the complete transfer of HSBC Continental Europe's custody operations in Germany, including all assets and its related clients, to BNP Paribas. Post-completion, both HSBC and BNP Paribas are committed to ensuring a smooth transition for clients and colleagues. In March 2025, HSBC's U.K. division announced the sale of its private client trust business — HSBC Trust Company (UK) Limited — to Ludlow Trust. Likewise, in December 2024, HSBC Continental Europe signed a Memorandum of Understanding for the sale of its French insurance arm, HSBC Assurances Vie (France), to Matmut Société d'Assurance Mutuelle. HSBC is also progressing with divestments in South Africa and Bahrain. Apart from these, it has completed the sale of its businesses in the United States, Canada, New Zealand, Greece, Russia, Argentina and Armenia, as well as the retail banking operations in France and Mauritius. HSBC's Price Performance & Zack Rank So far this year, HSBC shares have rallied 22.7% compared with the industry 's growth of 26.1%. Currently, HSBC carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Divestitures by Other Finance Firms In June 2025, Huntington Bancshares HBAN announced its decision to streamline operations by divesting the corporate trust and institutional custody business of its subsidiary, The Huntington National Bank (Huntington), to Argent Institutional Trust Company ('AITC'). The move reinforces the company's commitment to enhancing its core financial offerings, positioning itself for greater efficiency and long-term profitability. Post-completion, AITC and Huntington will maintain a strategic relationship, with Argent continuing to provide corporate trust, escrow and custody solutions to Huntington's commercial banking clients. 7 Best Stocks for the Next 30 Days Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops." Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.5% per year. So be sure to give these hand picked 7 your immediate attention. See them now >> Huntington Bancshares Incorporated (HBAN): Free Stock Analysis Report BNP Paribas SA (BNPQY): Free Stock Analysis Report HSBC Holdings plc (HSBC): Free Stock Analysis Report
Yahoo
04-07-2025
- Business
- Yahoo
Newmont (NEM) Completes Divestment Plan
Newmont Corporation (NYSE:NEM) is one of the 10 Best Gold Stocks To Buy Right Now. On April 16, Newmont Corporation (NYSE:NEM) reported that it has completed its non-core divestiture program after finalizing the previously disclosed sales of its Akyem operation in Ghana and its Porcupine operation in Canada. The company had announced its divestiture program in February 2024. Newmont Corporation (NYSE:NEM) has now divested all six of its non-core operations. Tom Palmer, the President and Chief Executive Officer of Newmont Corporation (NYSE:NEM) pointed out that the cash proceeds from these sales will help strengthen the company's balance sheet and return capital to shareholders through ongoing share buybacks. A gold mine entry with a conveyor belt transporting minerals from the depths of a shaft. Newmont Corporation (NYSE:NEM) expects to see total gross proceeds of up to $4.3 billion from the divestitures. This includes $3.8 billion from selling the non-core operations and $527 million from the sale of other investments. Newmont Corporation (NYSE:NEM) is an American gold mining company and a producer of copper, zinc, lead, and silver. It is one of the world's largest gold mining companies. While we acknowledge the potential of NEM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 11 Stocks That Will Bounce Back According To Analysts and 11 Best Stocks Under $15 to Buy According to Hedge Funds. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-07-2025
- Business
- Yahoo
AppLovin Sells Mobile Gaming Business to Tripledot Studios for $400M
AppLovin Corporation (NASDAQ:APP) is one of the best NASDAQ growth stocks to buy for the next 3 years. On July 1, AppLovin announced the successful completion of the sale of its mobile gaming business to Tripledot Studios. The transaction was initially announced on May 7 and officially closed on June 30, after satisfying all customary closing conditions and regulatory requirements. Under the terms of the purchase agreement, AppLovin divested its mobile gaming business for a total consideration of $400 million in cash. A close-up of a mobile device, showing an advertiser reaching out to a consumer via a software-based platform. The divestiture includes 10 game studios and their popular mobile gaming franchises. The studios involved collectively develop well-known mobile games across various genres. The Co-founder and CEO of AppLovin, Adam Foroughi, stated that this transaction streamlines the company to its core business and allows a full focus on future opportunities. AppLovin Corporation (NASDAQ:APP) builds a software-based platform for advertisers to enhance the marketing and monetization of their content in the US and internationally. While we acknowledge the potential of APP as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the . READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
03-07-2025
- Business
- Yahoo
UGI International completes LPG distribution business divestiture
Liquefied petroleum gas (LPG) distributor UGI International has completed the sale of its Italian LPG distribution business, UniverGas, to a consortium of local energy companies, including Goldengas, SCG Gas, and Beyfin. This strategic divestiture aligns with UGI International's ongoing efforts to optimise its portfolio and concentrate on key markets where it can deliver superior operational performance. The transaction is set to bolster UGI Corporation's financial position, as the proceeds from the sale will primarily be directed towards reducing the company's debt, in line with its capital allocation strategy. UGI International president Julie Fazio said: 'We are strategically reshaping our portfolio to focus on markets where we have built significant market presence and operational expertise. "By exiting this market, which has historically represented less than 5% of UGI International's EBIT, we can concentrate our resources and investments to deliver the greatest value to our customers and stakeholders while maintaining our competitive position." UGI International operates across 15 European countries and has a substantial customer base in various sectors, ranging from residential to automobile fuel. For the second quarter of 2025, UGI Corporation, the parent company of UGI International, reported a GAAP diluted earnings per share (EPS) of $2.19 and an adjusted diluted EPS of $2.21. These figures demonstrate a mixed performance compared to the previous year's GAAP diluted EPS of $2.30 and adjusted diluted EPS of $1.97. The company's reportable segments' earnings before interest and income taxes (EBIT) reached $1.112bn, showing an improvement from the $1.073bn recorded in the same period last year. UGI Corporation's financial health appears robust, with available liquidity standing at approximately $1.9bn as of 31 March 2025. Additionally, the company has increased its Fiscal 2025 adjusted EPS guidance to a range of $3 to $3.15 per share, indicating a positive outlook for the future. "UGI International completes LPG distribution business divestiture" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
