Pan American Silver (TSX, NYSE: PAAS) has secured final regulatory approval to complete its $2.1 billion acquisition of MAG Silver (TSX, NYSE: MAG), cementing control over one of Mexico’s most productive silver assets.The Canadian precious metals miner said on Monday that the backing from Mexico’s Federal Economic Competition Commission (COFECE) will allow it to close the transaction on September 4. The takeover hands Pan American MAG’s 44% interest in the high-grade Juanicipio mine in Zacatecas, operated by Fresnillo (LON: FRES). It also adds two early-stage projects: Deer Trail in Utah and Larder in Ontario.Chief executive Michael Steinmann believes the acquisition of MAG brings into the company’s portfolio one of the best silver mines in the world.“We see future growth opportunities through the significant exploration potential at Juanicipio, as well as MAG’s Deer Trail and Larder properties,” Steinmann said when announcing the deal in May.Juanicipio produced 4.5 million ounces of silver in the first quarter, along with gold, lead and zinc by-products, at an all-in sustaining cost of $10.64 per ounce of silver equivalent. For 2025, output is projected at 14.7 to 16.7 million ounces of silver.The deal between the Vancouver-based producers underscores a wave of consolidation in the silver sector, driven by a rally that has lifted silver prices more than 30% this year.Click on chart for live prices. Other recent transactions include First Majestic Silver’s (TSX, NYSE: AG) $970 million purchase of Gatos Silver, Coeur Mining’s (NYSE: CDE) $1.7 billion acquisition of Silvercrest (TSX: SIL; NYSE: SILV), and Endeavour Silver’s (TSX: EDR) $145 million deal for Peruvian miner Minera Kolpa.Pan American, already one of the world’s largest silver producers, operates mines across Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. It also holds the Escobal mine in Guatemala, currently on care and maintenance.
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