Brazil’s Votorantim Hands Nexa Control to Sweden’s Boliden
Votorantim has agreed to give up control of zinc producer Nexa Resources. It takes Boliden stock rather than cash, and keeps no direct stake in the miner. The post Brazil’s Votorantim Hands Nexa Control to Sweden’s Boliden appeared first on The Rio Times .
On August 27, 2026, Swedish mining company Boliden announced it had agreed to acquire a controlling stake in Brazilian zinc producer Nexa Resources in an all-share deal. The transaction, valued at $1.31 billion, does not involve any cash change hands. In the deal, Boliden will exchange 0.250 newly created shares for each Nexa share it receives, raising Boliden's share count to 305,639,236 from 284,225,454.
Boliden will issue 21.4 million new shares, valued at $1.31 billion based on an implied price of $15.29 per share. This represents a 14.2% premium to Nexa's 20-day average price on July 1, 2026. The deal transfers 64.68% of Nexa's shares and voting rights to Boliden. Votorantim, Nexa's Brazilian parent company, will hold about 7% of Boliden's shares as a minority stake after the deal.
Boliden anticipates Nexa's board to consist of seven directors, four of whom will be affiliated with Boliden. The transaction requires shareholder votes at both companies and regulatory clearances in Sweden, Brazil, and Peru. Boliden expects the deal to close in Q1 2027. Upon completion, Nexa will continue listing on the New York Stock Exchange.
Nexa operates five mines in Peru and Brazil, including Cerro Lindo, El Porvenir, Atacocha, Vazante, and Aripuanã. The mines produced approximately 316,000 tonnes of zinc in 2025, with Vazante contributing the most. Three zinc smelters also change hands in the deal. Boliden expects Nexa to report to the SEC and run at least three zinc smelters post-acquisition.
The Boliden Nexa deal marks a significant minority stake acquisition for Boliden in a major Latin American mining company.
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