Zijin Gold International has agreed to buy Allied Gold (NYSE:AAUC) in an all-cash deal valued at approximately C$5.5 billion ($4.1 billion), marking one of the largest gold sector acquisitions in early 2026.
The offer price of C$44 per share represents a 27% premium to Allied Gold’s 30-day volume-weighted average price as of Jan. 23.
The transaction is the first major move by Zijin Gold International since its record-breaking Hong Kong IPO in late 2025, signaling the firm’s intent to use its newfound capital to consolidate mid-tier producers.
The deal provides Zijin with immediate access to a diversified African portfolio during a period of record gold prices.
Allied Gold’s primary assets include the Sadiola mine in Mali, the Agbaou-Bonikro complex in Côte d’Ivoire, and the Kurmuk project in Ethiopia, which is scheduled to begin production in mid-2026.
"This transaction provides a highly attractive all-cash offer at an all-time high for our share price," said Peter Marrone, Chairman and CEO of Allied Gold.
For Zijin, the acquisition is a strategic lynchpin in its quest to reach a 105-tonne annual gold production target by the end of 2026, challenging industry leaders Newmont Corp. and Barrick Gold Corp.
The deal is structured as a Plan of Arrangement under Ontario law and requires the approval of 66.6% of Allied Gold shareholders.
Directors and senior officers, who collectively hold about 15.4% of the company’s outstanding shares, have already entered into voting support agreements in favor of the merger.
The transaction is subject to customary regulatory hurdles, including court approval and review under the Investment Canada Act.
Given Allied Gold’s heavy operational tilt toward African jurisdictions rather than Canadian soil, analysts expect the regulatory path to be smoother than past domestic mining takeovers.
Upon the deal's expected closing in late April 2026, Allied Gold will be delisted from both the Toronto and New York Stock Exchanges, ending its three-year run as a public entity.