Votorantim vende Nexa em troca de ações de US$ 1,3 bi com Boliden

Votorantim has finalized the sale of its 64.7% stake in Nexa, a zinc, copper and lead producer with operations in Brazil and Peru, to Swedish mining and metals company Boliden in exchange for Boliden shares. The deal values Nexa at $2 billion and will see Votorantim become the largest shareholder in Boliden, holding 7% of the company's capital and a seat on its board.

Boliden is a European mining and metals firm primarily producing zinc, copper, nickel and lead, with operations in Europe and valued at around $17 billion on the Stockholm Stock Exchange. The transaction will increase Boliden's mining units and smelters to 12 and 8 respectively across Europe and Latin America.

Sources close to Nexa report that the company had been negotiating a sale for about six years, and a $1.3 billion purchase by Boliden, a global benchmark for zinc production efficiency, could improve Nexa's results, which had been below expectations. Boliden sees the deal as strategically diversifying geographically amid rising geopolitical conflicts and trade barriers, according to the source.

In return for the Nexa shares, Votorantim will receive 0.25 Boliden shares for each Nexa share, valued at $15.29 - representing a 14.2% premium over the Nexa's weighted average price (WAP) of $15.21 over the 20 most recent trading days, and 6.5% above the 20-day WAP of $14.75. Nexa's stock has surged 77% year-to-date and nearly 230% over the past 12 months, driven largely by speculation about the company's sale, according to a Nexa insider.

Following the closing of the transaction, expected in the first quarter of 2027, Boliden will offer its minority shares in Nexa, accounting for 35% of the company's capital, in a cash tender offer.