SilverCrest Metals has received clearance from Mexico’s Comisión Federal de Competencia Económica (COFECE) for its acquisition by Coeur Mining in a deal with an equity value of approximately $1.7bn (C$2.45bn).
SilverCrest shareholders will receive 1.6022 Coeur shares for each SilverCrest share held. The exchange ratio values each SilverCrest share at $11.34.
Go deeper with GlobalData
Post-acquisition, Coeur and SilverCrest shareholders will own approximately 63% and 37% of the combined entity, respectively.
SilverCrest CEO N. Eric Fier said: “We are pleased to have completed this important milestone in our path to build a leading global silver company through our transaction with Coeur.
“The approval from COFECE is a key regulatory approval for SilverCrest and Coeur and represents a significant step towards the successful completion of the arrangement.”
The definitive agreement for the acquisition was signed in October 2024, with the combined company set to benefit from increased production, diversification and growth opportunities.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataSilverCrest’s Las Chispas underground mine in Sonora, Mexico, adds value to Coeur’s portfolio. It ranks among the world’s “highest-grade, lowest-cost and highest-margin” silver and gold operations.
The Las Chispas mine, combined with increasing silver production from Coeur’s expanded Rochester mine in Nevada, US, and Palmarejo mine in Mexico, is expected to boost the combined company’s silver production to approximately 21 million ounces (oz) this year.
Additionally, the merged company is forecast to produce around 432,000oz of gold in 2025.
The transaction benefits will also include an immediate boost to Coeur’s free cash flow and a 40% expected reduction in its leverage ratio.
Subject to necessary approvals, the transaction will result in SilverCrest delisting from the Toronto Stock Exchange and the NYSE American.
The deal is expected to close on 14 February 2025 upon receiving the approval of SilverCrest’s securityholders at a meeting scheduled on 6 February 2025 and the approval of the court.
