“This acquisition meaningfully enhances First Majestic’s operating platform through the addition of 70% of Cerro Los Gatos—a high-quality, long-life, free cash flow generating asset in the mining-friendly state of Chihuahua,” First Majestic President and CEO Keith Neumeyer said.
Shareholder Benefits
For First Majestic shareholders, the acquisition adds a third cornerstone mine to its portfolio, while Gatos shareholders will benefit from production diversification and exposure to complementary assets. The deal will also provide Gatos shareholders with enhanced liquidity and capital market opportunities within First Majestic’s established platform.
Dale Andres, CEO of Gatos, said, “This transaction offers our shareholders an attractive premium and exposure to a long-life asset within a well-established silver producer.”
First Majestic $970M Gatos Buy : Closing Timeline
The First Majestic $970M Gatos buy is expected to close in early 2025, pending shareholder approvals and regulatory clearance under Mexican antitrust laws. Once finalized, Gatos shareholders are anticipated to hold approximately 38% of the merged entity.
Legal Teams Behind the Deal
The Bennett Jones team guiding First Majestic in the acquisition includes mergers and acquisitions partners James Beeby, Lisa Stewart, and Jeff Taylor, as well as tax and financial services experts. The White & Case team representing Gatos was led by Gregory Pryor and Kristen Rohr, along with partners from the firm’s mining and tax practices.
