06/16/2015 07:49 EDT | Updated 06/16/2016 05:59 EDT

Goldcorp selling stake in Tahoe Resources for nearly $1 billion

VANCOUVER - Goldcorp Inc. (TSX:G) is selling its one-quarter interest in Tahoe Resources Inc. (TSX:THO) for just under $1 billion.

A syndicate of underwriters will pay $17.20 for each of Goldcorp's 58 million Tahoe shares, about $998.5 million before fees.

That's a seven per cent discount to Tahoe's stock price of $18.49 at the close of trading in Toronto on Monday, prior to Goldcorp's announcement.

The transaction is expected to close by June 30.

Vancouver-based Goldcorp said the sale is part of its strategy of divesting non-core assets. It operates four mines in Canada, three in Mexico, and four in Central and South America.

Based in Reno, Nev., Tahoe's main properties are the Escobal silver mine in Guatemala, which it acquired in 2010 from Goldcorp in return for shares and cash, and the Arena gold mine in northern Peru.