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Pan American Silver to buy smaller rival MAG for $2.1 billion
From Bloomberg News
Monday, May 12, 2025
Pan American Silver Corp. agreed to buy smaller producer MAG Silver Corp. in a transaction valued at about US$2.1 billion, giving the bigger rival access to a major mine in Mexico.
MAG shareholders will receive $500 million in cash and 0.755 ordinary shares of Pan American for each stock they own, Pan American said today. That values MAG shares at $20.54 based on May 9 closing prices, a 21% premium.
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Shares of Pan American fell 14% to $23.29 as of 10:23 a.m. in New York, while MAG was up 7.4% to $18.17.
The deal between the Vancouver-based producers follows a precious metals rally that has seen spot silver prices rise more than 13% this year, fueling a spate of consolidation among miners.
The takeover will give Pan American control over MAG's 44% stake in the high-grade Juanicipio mine in Mexico, a venture with operator Fresnillo Plc, as well as two undeveloped projects -- Deer Trail in Utah and Larder in Canada. The deal would bring down Pan American's costs by about 20%, according to a presentation today. ...
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