Reported De Beers Transaction Terms

Research evidence excerpt

Reported De Beers Transaction Terms

Update

July 29, 2026 11:59 AM GMT

Morgan Stanley & Co. International plc+MAnglo American Plc | Europe Alain Gabriel, CFA

Equity Analyst

Reported De Beers Transaction Alain.Gabriel@MorganStanley.comRMB Morgan Stanley Proprietary Limited+ +44 20 7425-8959

Brian Morgan

Equity AnalystTerms Brian.Morgan3@rmbmorganstanley.com +27 11 587-0803

What's new? Bloomberg reports today that Anglo American is discussing a sale of Morgan Stanley & Co. International plc+

Ferdinand Huber

its 85% stake in De Beers to Global Diamond Consortium for a reported cash Research Associate

consideration of ~US$1bn, structured as ~US$750m upfront and ~US$250m Ferdinand.Huber@morganstanley.com +44 20 7677-2702

deferred, with an additional performance-linked consideration also contemplated. Adahna Ekoku

The article goes on to say that GDC will inject ~US$500m into De Beers, which Adahna.Ekoku@morganstanley.com +44 20 7425-0578

would be capital into the business rather than a direct consideration to Anglo

Anglo American Plc (AAL.L, AAL LN)

American. Anglo American has not commented on the news, which follows an

Metals & Mining | United Kingdom

earlier article (on July 17th) stating that a buyer had been selected (see here).

Stock Rating ++

Botswana, which owns the remaining 15% of De Beers, remains a key stakeholder in Industry View In-Line

the process. Price target ++

Shr price, close (Jul 28, 2026) 3,622p

52-Week Range 4,239-2,042p

Our take: If confirmed, the report would suggest that the De Beers separation is

Mkt cap, curr (mn) US$52,059

moving towards a more defined sale trajectory, consistent with Anglo American's Net debt (12/26e) (mn)* US$9,978

EV, curr (mn)* US$83,996

stated portfolio simplification ambitions and the continued shift towards copper and