South32 Agrees $1.3 Billion Deal to Acquire Arizona Mining

Global diversified miner South32 Ltd. agreed to acquire Arizona Mining Inc. for $1.3 billion to add a flagship silver-lead-zinc project in the U.S. and said it will remain on the M&A hunt as deal-making returns to the sector. Perth-based South32 -- spun out of BHP Billiton Ltd. in 2015 -- will pay C$6.20 ($4.70) a share for the 83 percent of the company that it doesn’t already own, according to a filling Monday. Arizona directors unanimously recommended the deal that’s priced at a 50 percent premium to Friday’s close.