SWEDEN —Swedish metals and mining enterprise Boliden has reached a definitive agreement with industrial holding firm Votorantim to acquire a 64.68% majority interest in Luxembourg-domiciled Nexa Resources. Under the terms of the transaction, Votorantim will receive 21.4 million newly issued Boliden shares, translating to an exchange ratio of 0.250 shares for each Nexa share and giving Votorantim an approximate 7.0% ownership position in Boliden. The transaction values Votorantim's controlling stake at USD 1.31 billion, implying a total equity valuation for Nexa of USD 2.025 billion and an enterprise value of USD 3.666 billion. Following completion, expected in the first quarter of 2027, Boliden plans to launch a voluntary tender offer for all remaining publicly held Nexa shares.
This strategic transaction provides Boliden with immediate geographical diversification beyond its traditional European footprint, establishing direct exposure to high-grade base metal reserves and processing networks across South America. By incorporating Nexa’s existing operational assets into its industrial matrix, Boliden substantially strengthens its global position in zinc extraction and refining while expanding its secondary production output in silver concentrate, reinforcing balance sheet resilience against regional market fluctuations.
The consolidation directly affects global base metal supply chains, regulatory bodies across Sweden, Luxembourg, Brazil, and Peru, as well as institutional commodity investors. The combined operational asset portfolio will encompass 12 mining facilities and eight smelting complexes across Europe and Latin America, creating an integrated enterprise with an aggregate annual revenue footprint exceeding SEK 136 billion and operational earnings of SEK 38 billion based on trailing twelve-month figures.
From an equity market perspective, utilizing share capital as consideration allows Boliden to preserve liquidity reserves while securing long-term strategic alignment with Votorantim, which will hold a seat on Boliden’s board of directors. The expansion provides long-term growth opportunities for industrial stakeholders through joint project pipelines, enhanced technical sharing, and expanded commercial access within key Latin American mining jurisdictions.
Boliden is a European metal production company operating across mineral exploration, extraction, smelting, and recycling industries. Nexa Resources is an integrated base metal producer specializing in zinc and copper mining and refining operations across Brazil and Peru. Votorantim is a diversified investment conglomerate headquartered in Brazil with significant industrial investments throughout Latin America.
