An entity controlled by Simsbury’s Landmark Equity Advisors has agreed to pay $11.8 million to acquire equity holdings from Canadian investment firm Aberdeen International, the latter company announced.
The definitive agreement represents a smaller deal between Landmark’s investment vehicle, Ore Acquisition Partners LP, and Aberdeen than they had originally announced last year and had expected to close in October.
Aberdeen said Thursday that the original $29 million agreement included its position in Tahoe Resources, a publicly traded mining company based in western Canadian province of British Columbia.
However, Aberdeen has since sold much of its position in that company to fund other investments. The newly announced agreement includes 325,000 shares of Tahoe. Tahoe’s stock price has fallen from around $23 per share at the time of the original agreement between Landmark and Aberdeen to $9.18 as of Friday morning. Ore Acquisition will pay $8.1 million up front and defer its payment for the Tahoe shares.
The agreement is now expected to close by the end of this month, Aberdeen said.
Under the deal, Aberdeen will provide management and administrative services for three to five years and will receive a management fee and a small minority interest in the net profits of the partnership.
In May, Landmark — which is headed by former State Treasurer Francisco L. Borges — disclosed that it had raised $1.6 billion for its newest real estate investment fund.
