Sweden’s Boliden (STO: BOL) has agreed to buy Brazilian conglomerate Votorantim’s controlling stake in Nexa Resources (NYSE: NEXA) for $1.3 billion in shares, giving the European miner a major zinc and silver platform in Latin America.

Boliden will acquire Votorantim’s 65% stake by issuing 0.25 of one of its shares for each Nexa share, implying a price of $15.29 per Nexa share, the companies said Thursday. After closing, Boliden has agreed to launch a cash tender offer for the remaining 35% within 30 days, or 60 days in some circumstances. The price will be based on the same exchange ratio and Boliden’s 20-day average share price before closing.

“The transaction will reinforce our standing as a globally important base metal producer and bring a healthy addition to our precious metal business with a large increase to our output of silver in concentrate,” Boliden CEO Mikael Staffas said in a release. “Boliden’s and Nexa’s combined project portfolio will be highly attractive and present a solid foundation for future growth.”

The acquisition follows Boliden’s $1.4-billion purchase last year of the Neves-Corvo copper-zinc mine in Portugal and Zinkgruvan zinc mine in Sweden from Lundin Mining (TSX: LUN). That April 2025 deal nearly doubled Boliden’s zinc concentrate production and significantly increased its copper output.