Boliden has signed an agreement with Votorantim to acquire all of the latter’s shares in Nexa Resources, representing a 64.68% stake in the mining company with operations in Brazil and Peru.
The agreement values Votorantim’s Nexa shares at $15.29 per share
The offer price reflects a 14.2% premium to Nexa’s 20-day average price as of 1 July 2026. The total implied consideration for the transaction is $1.31bn. The deal gives Nexa an equity value of approximately $2.02bn (€1.73bn) and an enterprise value of $3.66bn.
Under the terms of the agreement, Boliden will exchange 0.250 newly issued Boliden shares for each Nexa share held by Votorantim. This transaction will result in Votorantim receiving 21.4 million newly issued Boliden shares, equivalent to around 7% of Boliden’s shares and votes. The closing of the transaction is subject to several conditions including approval by Boliden’s shareholders at an extraordinary general meeting and receipt of required regulatory approvals.