Nexa Resources is set to change its controlling shareholder. The Brazilian company Votorantim has entered into a definitive agreement with the Swedish mining group Boliden to sell its 64.68% stake in the Luxembourg-based company. The transaction is due to be finalised in the first quarter of 2027, subject, in particular, to regulatory approvals and shareholder approval.
The transaction will take the form of a share swap: Votorantim will receive 0.250 newly issued Boliden shares for each Nexa share held. The deal values its stake at approximately $1.31bn and Nexa as a whole at some $2.03bn in equity. In return, Votorantim will become a shareholder in Boliden with a stake of approximately 7%.
The agreement formalises discussions that were already in the public domain. On 2 July, Boliden had confirmed that it was in talks with Nexa and Votorantim regarding a possible acquisition of this stake, whilst making it clear that no transaction was certain at that stage. The new development is therefore the signing of a definitive agreement.
A 28% increase in turnover
The change of control comes at a time when Nexa is reporting strong growth in its results. In the second quarter of 2026, its turnover reached $908m, up 28% year-on-year. Its adjusted Edbitda soared by 78% to $286m, whilst its net profit rose from $13m to $98m. In 2025, the group generated $3bn in revenue.
Whilst its five zinc mines and three smelters are located in Brazil and Peru, Nexa has its headquarters in Luxembourg, where its administrative and commercial functions are also based. This base must be maintained: following the transaction, Nexa will remain a separate legal entity under Luxembourg law and is expected to continue to be listed on the New York Stock Exchange.
Boliden will then be able to attempt to take control of the entire share capital. The Swedish group has undertaken to launch, within 30 days of the transaction being finalised, a cash offer for the 35.32% of Nexa held by minority shareholders. “We are pleased to announce this proposed transaction with Boliden,” said Ignacio Rosado, CEO of Nexa.
