Boliden to acquire controlling stake in Nexa Resources for $1.31 billion

Swedish mining company Boliden AB has entered into a definitive agreement to acquire a 64.68% controlling stake in Nexa Resources from the Brazilian conglomerate Votorantim S.A. The transaction, valued at approximately $1.31 billion, will be executed through a share-for-share exchange where Votorantim receives 0.250 newly issued Boliden shares for each Nexa share held.

Upon completion, Votorantim is expected to hold roughly 7% of Boliden's shares and will have the right to nominate a representative to Boliden's board of directors. Following the closing, Boliden plans to launch a voluntary cash tender offer for the remaining minority shares of Nexa.

The acquisition marks Boliden's significant expansion into the Latin American market, specifically targeting zinc and silver production. Nexa operates several key mining units and smelters in Brazil and Peru, including the Cajamarquilla smelter in Peru. The deal is expected to close in the first quarter of 2027, subject to regulatory approvals and shareholder votes.