Boliden AB has agreed to acquire Votorantim SA’s 64.68% stake in Nexa Resources for approximately $1.31 billion, expanding the Swedish mining group’s zinc and silver operations while increasing its presence in Brazil and Peru. Under the transaction, Votorantim will receive 0.250 newly issued Boliden shares for each Nexa share, equivalent to approximately $15.29 per Nexa share. The deal implies an equity value of about $2.03 billion for Nexa and an enterprise value of approximately $3.67 billion. If completed, the combination would give Boliden a larger integrated mining and smelting platform comprising 12 mining units and eight smelters.
Combined Scale Across Mining and Smelting
The enlarged group would have trailing 12-month revenue of approximately SEK136 billion and EBITDA of around SEK38 billion. Nexa would add significant operations in Brazil and Peru to Boliden’s existing European portfolio of zinc, copper, lead and precious-metals assets. The transaction would also broaden Boliden’s exposure to Latin American mineral resources.
Zinc is a central component of the deal, with Nexa providing an integrated zinc and polymetallic production platform alongside Boliden’s established European zinc operations. The combination could also affect concentrate flows, smelter utilisation and procurement across the enlarged group. Nexa’s production additionally provides exposure to silver and lead, adding precious-metals and polymetallic revenue to Boliden’s existing portfolio.
Equity Consideration and Bridge Financing
The acquisition of Votorantim’s controlling stake is being structured primarily through equity. Following completion, Votorantim is expected to hold approximately 7% of Boliden, retaining an interest in the enlarged company. Boliden also plans to make a cash tender offer for Nexa’s remaining minority shareholders.
The Swedish group has secured a $2 billion bridge facility to support the tender process and potential refinancing. The eventual balance-sheet impact will depend on minority participation, refinancing conditions and the level of debt retained after the transaction.
Integration and Capital Allocation
The enlarged portfolio will span different regulatory, tax and labour environments across Europe and Latin America. Integration will cover mining, processing, smelting, marketing and corporate operations across multiple jurisdictions. Capital allocation will also remain a key consideration as Boliden integrates Nexa and evaluates future investment across the combined asset base. The transaction is targeted for completion in Q1 2027, subject to regulatory approvals and support from Boliden shareholders.
