Boliden agreed on 27 August to buy Votorantim's 64.68% stake in zinc producer Nexa Resources in an all-share deal worth about $1.31bn.
Why Boliden AB is buying Nexa Resources S.A. (64.68% stake)
Boliden said the deal positions it as one of the world's leading zinc providers and brings two new mining and smelting jurisdictions in Latin America with an experienced partner. It expects the acquisition to be immediately accretive to earnings per share, adding more than 8% on 2026 estimates.
Deal terms and financing
Votorantim will receive 0.250 new Boliden shares for each of its 85.7m Nexa shares, implying $15.29 a share, a 14.2% premium to the 20-day VWAP to 1 July 2026, the last unaffected day. The price implies an equity value of about $2.03bn and an enterprise value of about $3.67bn for all of Nexa. Votorantim's Boliden shares are subject to staggered lock-ups of up to three years, and Boliden has a fully committed $2.0bn bridge facility to fund the minority tender offers and refinancing within Nexa.
Regulatory approvals and timing
Closing requires approval of the share issue by Boliden shareholders, the election of a new Nexa board and competition and other regulatory approvals, and is expected in the first quarter of 2027. Boliden will also launch mandatory tender offers for minorities in certain Peruvian subsidiaries within six months of closing.
Market context
Nexa, organised under Luxembourg law and listed in New York, operates five zinc-focused mines in Peru and Brazil and three smelters, including Cajamarquilla near Lima, the largest zinc smelter in the Americas. Nexa will remain listed and be reported as a separate Boliden segment.
