Hannam Wins $2 Million in Barrick Dispute Over Randgold Merger
Deal News | Mar 12, 2025 | EIN
In a recent ruling by London's High Court, Barrick Gold must pay $2 million plus expenses to Ian Hannam's firm, Hannam & Partners, for its role in the acquisition of Randgold Resources. Hannam, a former top dealmaker at JPMorgan, had alleged that his firm was entitled to $18 million based on an oral agreement predicated on the deal's ultimate value of $18 billion. Despite the absence of a formal written contract, Judge Simon Gleeson acknowledged that Hannam & Partners' early efforts benefited Randgold and Barrick, resulting in the compensation decision. Both parties, while affirming the decision, attributed it differently, with Hannam's firm viewing it as an acknowledgment of their industry contributions and Barrick seeing it as a reflection of Randgold's initial offer.
Sectors
- Mining
- Investment Banking
- Legal Services
Geography
- United Kingdom – The legal proceedings occurred in London, UK.
- Canada – Barrick Gold, the primary company involved, is based in Canada.
- Africa – Randgold Resources, the target company in the merger, primarily operates in Africa.
Industry
- Mining – This article focuses on the acquisition within the mining sector involving Barrick and Randgold.
- Investment Banking – Hannam & Partners, an advisory firm in investment banking, provided services during the acquisition.
- Legal Services – The resolution of the payment dispute involved legal proceedings in the UK's High Court.
Financials
- $2 million – Amount ordered by the UK court to be paid to Hannam & Partners by Barrick Gold.
- $18 billion – The value of the acquisition deal between Barrick Gold and Randgold Resources.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Barrick Gold | Bidding Company | Company | A Canadian mining company involved in the acquisition of Randgold Resources. |
| Randgold Resources | Target Company | Company | The gold mining company acquired by Barrick Gold. |
| Hannam & Partners | Financial Advisor | Company | An advisory firm led by Ian Hannam, providing services related to the Barrick-Randgold merger. |
| Ian Hannam | Dealmaker | Person | A prominent figure in mining deals, leading Hannam & Partners. |
| Neil Passmore | CEO of Hannam & Partners | Person | CEO of Hannam & Partners, commenting on the court ruling. |
| Simon Gleeson | Judge | Person | Judge at London's High Court ruling on the payment dispute. |