Pan American Silver has completed the acquisition of all issued and outstanding shares of Canada’s Yamana Gold in a cash and stock deal.

According to the initial announcement in November 2022, the cash and stock deal was valued at $4.8bn.

The transaction also saw Yamana sell its Canadian assets, including its stake in the Canadian Malartic mine to Agnico Eagle Mines.

The Yamana acquisition expands Pan American’s portfolio with the addition of four mines.

Among these are the Cerro Moro mine in Argentina, the El Peón and Minera Florida mines in Chile, and Brazil’s Jacobina mining complexes.

Under the agreement, Yamana shareholders received more than $1bn in cash, 36.17 million Agnico Eagle Shares, and 153.75 Pan American shares.

Pan American president and CEO Michael Steinmann said: “This acquisition is transformative for Pan American, significantly increasing the scale of our operations in Latin America where we have been operating for nearly three decades.

“We expect a material increase in our production of silver and gold, while we continue to provide a preferred way to invest in silver through large silver mineral reserves and growth opportunities, further enhanced by the increase in our market capitalisation and trading liquidity.

“The acquisition is firmly aligned with our strategy of creating value by pursuing attractive growth opportunities, improving operating margins and extending mine life.”

Following the transaction, Pan American stockholders now control a 58% stake in Pan American while former Yamana shareholders hold the remaining 42%.