Boliden To Acquire All Of Votorantim's Shares In Nexa Resources

Stockholm - Boliden AB has reached an agreement to acquire Votorantim S.A.'s 64.68% stake in Nexa Resources S.A., a company that produces zinc and silver in Brazil and Peru. Votorantim will exchange 0.250 newly issued Boliden shares for each Nexa share, paying $15.29 per share. This is a 14.2% premium to Nexa's 20-day VWAP and a 6.5% premium to its 20-day average price as of July 1, 2026.

The deal is valued at $1,310 million and will make Nexa worth around $2,025 million in equity value and $3,666 million in enterprise value. Votorantim will receive 21.4 million newly issued Boliden shares, amounting to about 7.0% of Boliden's shares and voting rights. The transaction needs approval from Boliden's shareholders at an extraordinary general meeting and regulatory clearances.

Closing is anticipated in the first quarter of 2027. Boliden will issue a voluntary tender offer to buy any Nexa shares not already owned by Votorantim, with the offer price based on the exchange ratio and the 20-day VWAP of Boliden's shares prior to closing on Nasdaq Stockholm. Nexa's shares are traded on the New York Stock Exchange, with 35.32% owned by minority investors.

Boliden has secured a $2.0 billion bridge financing to support the transaction, which is expected to boost earnings per share and contribute over 8%. In the last year, Boliden and Nexa generated about SEK 136 billion in combined revenue and SEK 38 billion in EBITDA. After the merger, Boliden will manage 12 mining units and 8 smelter units in Europe and Latin America.