Mining giant Anglo American Plc is reportedly in advanced discussions to sell its 85% controlling stake in De Beers for roughly $1 billion.
The potential transaction would transfer the iconic diamond producer to the Global Diamond Consortium (GDC), an investment vehicle led by former De Beers Chief Executive Officer Gareth Penny.
According to Bloomberg, the proposal envisages participation by major diamond traders as well as the governments of Namibia and Angola, although neither government has publicly confirmed its involvement.
The proposed deal structure includes an upfront cash payment of approximately $750 million, followed by a deferred payment of about $250 million.
The transaction would feature earn-out provisions tied to De Beers' future financial performance and a planned $500 million capital injection by the consortium to support the company's operations. This term have not been finalized and may eventually change.
