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Turquoise Hill to Be Acquired by Rio Tinto in Transaction Valuing Turquoise Hill at $6.6 Billion

Paul, Weiss is advising Turquoise Hill Resources Ltd., a NYSE- and TSX-listed Canadian mining company and majority-owned subsidiary of Rio Tinto International Holdings Ltd., in the proposed acquisition by Rio Tinto of the approximately 49% of the Turquoise Hill shares that Rio Tinto does not already own at a purchase price of approximately $32.64 (C$43) per share in cash.

The purchase price reflects a 67% premium to Turquoise Hill’s closing price on March 11, the date prior to Rio Tinto’s initial public proposal to acquire Turquoise Hill, and implies an equity value for Turquoise Hill of approximately $6.6 billion (C$8.7 billion), and approximately $3.3 billion (C$4.3 billion) for the Turquoise Hill shares that Rio Tinto does not already own.

If approved by Turquoise Hill’s minority shareholders, the transaction is expected to close in the fourth quarter of 2022.

The Paul, Weiss team includes corporate partners Adam Givertz and Ian Hazlett, counsel Stephen Centa and David Sobel, and of counsel Andrew Foley; litigation partners Gregory Laufer and Roberto Finzi, and counsel Jacobus Schutte; and tax partner David Mayo.

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