Rebaza, Alcazar & De Las Casas advised Alpayana S.A.C. (Alpayana) in the acquisition of 93.82% of the shares issued by Sierra Metals Inc. (Sierra Metals) by means of a tender offer through its subsidiary Alpayana Canada Ltd.
Alpayana offered 1.15 Canadian dollars in cash per common share, with an initial maturity date of May 12, 2025, subsequently extended, by provision of Canadian law, to May 23, 2025.
On May 19, 2025, Alpayana announced the closing of the acquisition of 187,318,324 shares, equivalent to 86.7% of the total issued common shares of Sierra Metals. Subsequently, on May 26, Alpayana announced the acquisition of an additional 15,450,178 shares, reaching 93.82% of the total common shares, becoming the majority shareholder of Sierra Metals and incorporating its affiliates and mining projects into its control.
Pursuant to Peruvian law, Alpayana will launch a tender offer in Peru to acquire the necessary shares of Sociedad Minera Corona S.A., a subsidiary of Sierra.
About Alpayana:
Alpayana is a Peruvian mining group specialized in polymetallic subway mining, engaged in the extraction and processing of zinc, lead, copper and silver concentrates. Alpayana has operated mines in Peru for over 38 years, has a successful track record in mergers and acquisitions, and has experience in the development of long-term mining projects. It currently operates the Americana, Yauliyacu, Iscaycruz and Morococha mining units.
About Sierra Metals:
Sierra Metals is a Canadian mining company specializing in copper production, as well as exploration for other base and precious metals, operating primarily in Peru and Mexico. Sierra Metals has a portfolio of mining projects, including Yauricocha (Peru) and Bolivar (Mexico), and seeks to increase its production volume and strengthen its portfolio of mineral resources.