STOCKHOLM--Swedish miner Boliden agreed to buy a majority stake in Nexa Resources for around $1.31 billion.

The deal follows discussions that were disclosed earlier this year and sees Boliden buy Votorantim's near 65% stake in New York Stock Exchange-listed Nexa.

"In addition to positioning Boliden as one of the leading zinc providers in the world, 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 Chief Executive Mikael Staffas said.

Miner Nexa Resources has operations in Brazil and Peru and is a major zinc producer, accounting for around 4% of global production. It also produces silver, copper, lead and gold.

Nexa Resources owns and operates two underground mines and an open-pit mine in Peru, two underground mines in Brazil, along with two zinc smelters in Brazil and one in Peru.

As payment, Votorantim will receive 21.4 million newly issued Boliden shares, corresponding to around 7% of the shares and votes in the Swedish company, and Votorantim will also have representation on the Boliden board.

The deal implies a consideration to Votorantim of $15.29 per Nexa share, a 27% premium to Nexa's closing share price of $12.04 on the day before initial talks were disclosed.

Boliden said the transaction implies a total equity value for Nexa of around $2.03 billion.

Closing is expected during the first quarter of 2027, subject to shareholder and regulatory approvals, after which Boliden will make a cash offer for the remaining Nexa shares.

Boliden and Nexa had combined revenue of around 136 billion Swedish kronor ($14.27 billion) in the 12 months ending June 30, with earnings before interest, tax, depreciation and amortization of 38 billion kronor.

Boliden's dividend policy and financial targets remain unchanged following the deal.