03:52 AM EDT, 05/12/2025 (MT Newswires) -- Pan American Silver ( PAAS ) has agreed to acquire MAG Silver ( MAG ) for about $2.1 billion in cash and stock, the companies said late Sunday.

Under the terms of the deal, MAG shareholders will receive $20.54 per share, with the total comprised of $500 million cash and 0.755 Pan American share per MAG share, the companies said.

Following completion of the acquisition, MAG shareholders will own about 14% of Pan American shares, the companies said.

The merger will be carried out through a court-approved plan of arrangement and will require approval by two-thirds approval by MAG shareholders at a special meeting expected in July, the companies said.

The deal is expected to close in H2, subject to clearance under Mexican antitrust laws and other approvals, the companies said.