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Hudbay Minerals To Buy Copper Mountain Mining For $439 Million

Hudbay Minerals (HBM) has reached a deal to buy rival Copper Mountain Mining (CMMC) in an all-stock transaction valued at $439 million U.S.

The companies say the combination will create a copper mining company based in the Americas that has three long-life mines and multiple copper development projects.

Under terms of the deal, Copper Mountain shareholders will receive 0.381 of a Hudbay share for each Copper Mountain common share they own.

The companies say the proposal represents a 23% premium based on Hudbay's and Copper Mountain's share prices on April 12 of this year.

The deal requires approval by two-thirds of Copper Mountain shareholders and a simple majority vote by Hudbay shareholders. It is also subject to regulatory approvals.

Once the transaction is complete, Hudbay shareholders will own 76% of the combined company, while Copper Mountain shareholders will own 24%.

Hudbay’s stock has fallen 25% over the past 12 months to trade at $7.17 per share. Copper Mountain Mining’s stock has declined 24% in the last year to $2.67 a share.

Hudbay Minerals is based in Toronto while Copper Mountain Mining is headquartered in Vancouver, B.C