Swedish mining company Boliden AB has entered into an agreement with Brazilian Votorantim S.A. to acquire a controlling stake in zinc producer Nexa Resources S.A. This is reported in the Boliden press release.
The deal is valued at $1.31 billion ($15.29 per share, which is 14.2% higher than the closing price on July 1, 2026) with a total value of Nexa of $2.03 billion or $3.67 billion, including debt obligations. Boliden has raised $2 billion in financing from Danske Bank and ING to support the deal and tender proposals.
As part of the deal, Boliden will acquire a 64.68% stake in Nexa, a zinc and silver producer in Brazil and Peru, and will become one of the key zinc and silver producers in the world, strengthening its position as a global producer of non-ferrous metals and expanding its presence in Latin America.
After the deal closes, Votorantim will own 7% of Boliden shares. The transaction is expected to be completed in the first quarter of 2027, subject to approval by regulators and Boliden shareholders at an extraordinary general meeting.
According to the legislation, Boliden must hold tenders for the purchase of the remaining shares of Nexa and some of Nexa's subsidiaries, whose shares are listed on the Peruvian stock Exchange, within six months after the closing of the transaction. RBC Capital Markets and J.P. Morgan act as consultants to Boliden.
Upon closing of the transaction, Nexa will continue to operate within the Boliden structure as a separate legal entity registered in Luxembourg with shares listed on the New York Stock Exchange.
At the same time, Boliden will combine the mining and smelting of non-ferrous and precious metals with Nexa's assets in Latin America. The combined company will operate 12 mining and eight smelting plants in Europe and Latin America.
The combined revenue of Boliden and Nexa is 136 billion Swedish kronor ($14.9 billion), and the profit is 38 billion kronor ($4.2 billion).
Boliden AB is a Swedish multinational mining and metallurgical company. The company conducts exploration of deposits of copper, zinc, nickel, lead, gold, silver and other metals. The headquarters is located in Stockholm (Sweden).
Nexa Resources S.A. is a producer of polymetallic ores, primarily zinc. It is headquartered in Luxembourg, but operates in Latin America. Nexa Resources is a subsidiary of the Brazilian financial and industrial group Votorantim S.A.
Votorantim S.A. is a Brazilian financial and industrial group with constant capitalization. The headquarters is located in Sao Paulo (Brazil).
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