Pan American Silver has successfully concluded the acquisition of all of MAG Silver’s entire issued and outstanding common shares.
The transaction was finalised following approval from the Mexican Federal Economic Competition Commission (COFECE) in late August.
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Under the terms of the transaction, MAG shareholders have received a combination of cash and shares, with an aggregate of $500m (C$689.85m) in cash and approximately 60.2 million Pan American shares distributed in exchange for their MAG shares.
As a result of the deal, former MAG shareholders now hold a 14.3% stake in the issued and outstanding Pan American shares on a fully diluted basis.
MAG’s shares are set to be delisted from the Toronto Stock Exchange by 8 September 2025.
Pan American is currently taking steps to end MAG’s status as a reporting issuer under Canadian securities laws and to terminate its public reporting obligations.
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By GlobalDataThe acquisition grants Pan American a 44% joint venture (JV) interest in the Juanicipio silver mine in Zacatecas, Mexico, which is operated by Fresnillo.
Additionally, Pan American now fully owns the Larder exploration project and holds a 100% earn-in interest in the Deer Trail exploration project.
Pan American president and CEO Michael Steinmann said: “The Juanicipio Mine is a high-quality addition to our portfolio that will contribute meaningfully to our silver production, reserves and cash flow.
“We are pleased to welcome MAG shareholders to Pan American who now benefit from participation in a larger, diversified, and growth-oriented silver and gold producer. We also look forward to working collaboratively with Fresnillo, the mine’s operator, to advance the potential of the Juanicipio asset for the benefit of all stakeholders.”
