B2Gold to buy Sabina Gold & Silver in $824 million deal

(Reuters) - B2Gold Corp said on Monday it will acquire Sabina Gold & Silver Corp in a deal valued at C$1.1 billion ($823.66 million), in a move that is likely to boost the Canadian gold miner's portfolio.

B2Gold will pay C$1.87 per Sabina share, which represents an 18% premium to Sabina's last close.

"The Back River Gold District has multiple high-potential mineralized zones, which remain open, and we are confident that the district has strong untapped upside with numerous avenues for resource growth," B2Gold Chief Executive Officer Clive Johnson said in a statement.

As part of the deal, B2Gold will also acquire Sabina's untapped mineral-heavy Back River Gold district located in Nunavut, Canada.

($1 = 1.3355 Canadian dollars)

(Reporting by Ankit Kumar; Editing by Sherry Jacob-Phillips)