Deal values Gatos Silver 970 mln usd (Il Sole 24 Ore Radiocor) - Vancouver, 05 Sep - The Canadian miner First Majestic Silver said that it reached a definitive agreement to acquire all common shares of Gatos Silver.

Under the terms of the agreement, Gatos shareholders will receive 2.550 common shares of First Majestic for each common share held. The consideration implies a total offer value of 13.49 US dollars per share and a total equity value of approximately 970 million dollars.

Existing Gatos shareholders will own approximately 38% of First Majestic shares on a fully-diluted basis.

Gatos is a silver dominant producer with a 70% interest in the Los Gatos Joint Venture, which owns the producing Cerro Los Gatos underground silver mine in Chihuahua, Mexico.

The transaction is expected to close in early 2025, First Majestic Silver said.

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(RADIOCOR) 05-09-24 15:20:40 (0406) 5 NNNN