On July 29, 2024, Filo Corp. announced it entered into a binding agreement with BHP and Lundin Mining Corporation, wherein BHP and Lundin Mining will acquire all outstanding common shares of Filo they do not already own for approximately $4.1 billion. This transaction, conducted via a plan of arrangement, offers Filo shareholders $33.00 per share or 2.3578 Lundin Mining shares per Filo share, subject to proration. The total cash consideration is capped at approximately $2,767 million (68.2 percent of the total consideration), and the total share consideration is capped at 92.1 million Lundin Mining shares (31.8 percent of the total consideration). This valuation represents a 32.2 percent premium over the 30-day volume weighted average price.

Concurrent with the acquisition, BHP and Lundin Mining will form a Canadian joint venture to develop the Filo del Sol and Josemaria copper-gold projects in Argentina’s Vicuña district. Each will hold a 50 percent interest in the JV.

The deal is backed by financial opinions from BMO Capital Markets and National Bank Financial. Legal advisors include Blake, Cassels & Graydon LLP for Filo, Stikeman Elliott LLP for BHP, and Cassels Brock & Blackwell LLP along with Sullivan & Cromwell LLP for Lundin Mining.

The transaction was completed on January 15, 2025.