Newmont has entered into a definitive agreement to acquire Newcrest Mining (MCAP: US$17B) for US$18B. We believe Newmont is overpaying, as the offer price reflects a 31% premium over average sector EV/R and EV/EBITDA multiples. The transaction is subject to regulatory/shareholder approvals. We will include this transaction in our projections once the deal is completed (expected in Q4-2023).
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