Agnico Eagle Mines, Yamana Gold and Osisko Mining reported that they have entered into a joint “friendly” agreement to acquire 100 percent of Osisko’s shares in a deal worth US$3.55 billion.

The deal leaves out Goldcorp, which had offered $3.28 billion a week earlier for Osisko Mining.

Upon the closing of the deal, Agnico and Yamana will each own 50 percent of Osisko, and the companies said that they will form a joint committee to operate Osisko’s Canadian Malartic Mine in Quebec. The Canadian Malartic mine, estimated to have a production capacity of 500,000 to 600,000 oz/year over a 16-year mine life, is the primary reason Osisko found itself the subject of a bidding war, Forbes reported.

Osisko has in the past that the mine should be valued at $4.4 billion — and therefore, that Goldcorp’s prior offers for the company are just far too low.

“I believe we have delivered shareholders the superior value option to the hostile attempt to acquire our company,” Sean Roosen, Osisko president and CEO, said in a statement.

Following the close of the transaction, Osisko shareholders will own approximately 16.7 percent of Agnico Eagle and approximately 14.4 percent of Yamana.

For its part, Agnico Eagle says that the Osisko acquisition strengthens its presence in Quebec without taking on a political risk.

“Agnico Eagle has approximately 50 years of operating history in Québec, and over that time the company has continued to expand its mining presence in a measured and systematic way. This transaction further enhances our Québec operating platform through the addition of a fourth producing mine,” Sean Boyd, Agnico president and CEO, said in a statement. “With this acquisition, Agnico Eagle will become Québec’s largest gold producer, which demonstrates our commitment to Québec and various stakeholders in the province.

Peter Marrone, Yamana’s chairman and CEO of Yamana, echoed Boyd’s sentiments, calling the deal a low risk way for it to get into Quebec, and that the acquisition “complements our existing presence in the Americas.”

The deal is expected to close by early June, pending regulatory approval as well as the approval of Osisko shareholders by a two-thirds vote that will occur at a meeting to be held in May; the approval of Agnico Eagle and Yamana shareholders is not required.