Boliden to buy 64.7% stake in Nexa Resources for $1.31bn
At $15.29 per share, a 14.2% premium to Nexa Resources' 20-day volume weighted average price as of 1 July 2026, Boliden has agreed to acquire a 64.68% stake in the miner from Votorantim, putting total implied consideration at $1.31bn. The deal places Nexa's equity at approximately $2.02bn, or €1.73bn, with an enterprise value of $3.66bn.
Key takeaways
- Boliden has agreed to acquire a 64.68% stake in Nexa Resources from Votorantim for a total implied consideration of $1.31bn, at $15.29 per share.
- The offer price of $15.29 per share represents a 14.2% premium to Nexa's 20-day volume weighted average price as of 1 July 2026.
- Boliden will pay via a share exchange of 0.250 newly issued Boliden shares per Nexa share, delivering 21.4 million new shares (about 7% of Boliden) to Votorantim.
- The combined company would span 12 mining units and eight smelting units across Europe, Brazil, and Peru, making Boliden one of the world's leading zinc providers.
- The transaction is expected to complete during the first quarter of 2027, subject to Boliden shareholder and regulatory approvals.
At $15.29 per share, a 14.2% premium to Nexa Resources' 20-day volume weighted average price as of 1 July 2026, Boliden has agreed to acquire a 64.68% stake in the miner from Votorantim, putting total implied consideration at $1.31bn. The deal places Nexa's equity at approximately $2.02bn, or €1.73bn, with 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. That ratio will deliver 21.4 million new Boliden shares to Votorantim, equal to roughly 7% of Boliden's total shares and votes.
Boliden will finance the acquisition through a fully committed $2bn (Skr19.02bn) bridge facility, sized to cover potential obligations including a subsequent voluntary tender offer for any Nexa shares it does not acquire in the primary transaction. That tender will apply the same fixed exchange ratio, with the price based on the volume weighted average of Boliden shares prior to close.
The transaction would lift Boliden's net debt-to-equity ratio from 24% to approximately 33%, based on consolidated figures as of 30 June 2026, the company disclosed. It said the deal is expected to be accretive to earnings per share, with no change to its dividend policy or financial targets.
Mikael Staffas, president and CEO of Boliden, said the combination would position the company as one of the leading zinc providers in the world and bring a material increase to its silver output in concentrate. The combined asset base, the company said, would span 12 mining units and eight smelting units, linking Boliden's European operations to Nexa's mines and plants in Brazil and Peru.
Closing is conditional on approval by Boliden shareholders at an extraordinary general meeting and the receipt of required regulatory approvals. The companies expect the transaction to complete during the first quarter of 2027.
Nexa will remain a separately listed company on the New York Stock Exchange, continuing under US reporting requirements with existing management expected to stay in place. Boliden will hold customary governance rights in Nexa following close. Votorantim has agreed to lock-up restrictions on most of the Boliden shares it receives, with staged releases over three years, subject to conditions including board representation and leadership changes at Boliden.