04:43 PM EST, 01/14/2025 (MT Newswires) -- Gatos Silver ( GATO ) after trade Tuesday said shareholders voted to approve the $1.6-billion sale of the company to First Majestic Silver ( AG ) .

The company said the sale was approved by 71.3% of shares voted. First Majestic shareholders voted to approve the transaction, which will see the company issue 190-million shares for Gatos, earlier in the day.

Gatos Silver ( GATO ) stockholders will receive 2.55 First Majestic shares for each Gatos Silver Share held, with any fractional shares to be paid in cash, without interest. Gatos shareholders are expected to hold about 38% of First Majestic following the close of the acquisition.

The closing of the transaction is expected to occur prior to market open on January 16, 2025, subject to the satisfaction or waiver of the remaining customary closing conditions.

Gatos shares closed up $0.935 to $21.335 on the Toronto Stock Exchange, while First Majestic closed up $0.39 to $8.40.