Boliden has entered into a definitive agreement to acquire Votorantim’s 64.68% controlling stake in Nexa Resources, expanding the Swedish mining company’s zinc and silver operations into Brazil and Peru.
Votorantim will receive 0.250 newly issued Boliden shares for each Nexa share it owns, resulting in approximately $1.31 billion of implied consideration.
The transaction implies an approximately $2.03 billion equity value and $3.67 billion enterprise value for Nexa.
Votorantim will receive approximately 21.4 million newly issued Boliden shares and emerge with roughly 7% of Boliden’s shares and voting rights.
After closing, Boliden plans to launch a voluntary cash tender offer for Nexa’s remaining publicly held shares.
The combination would create a geographically broader mining and smelting platform spanning Europe and Latin America.
Boliden expects the transaction to increase its earnings per share by more than 8% on an immediate accretion basis. The combined businesses generated approximately SEK 136 billion of revenue and SEK 38 billion of EBITDA during the 12 months ended June 30, 2026.
Boliden has secured a $2 billion bridge financing facility that can support the subsequent tender offers and potential Nexa refinancing requirements.
Closing is expected during the first quarter of 2027, subject to shareholder and regulatory approvals.
KEY QUOTE:
“In addition to positioning Boliden as one of the leading zinc providers in the world, the transaction will reinforce our standing as a globally important base metal producer and bring a healthy addition to our precious metal business with a large increase to our output of silver in concentrate.”
Mikael Staffas, President And CEO Of Boliden
