Las 2 Orilla’s on the change in control of Mineros: “The Young Indian Millionaire Who Took Control of Mineros, Colombia’s Leading Gold Mining Company”

With a bold move, through his company Sun Valley Investments, Vikram Sodhi acquired a 56.85% stake in the mining company, which holds its greatest wealth in Antioquia.

Sun Valley Investments, whose majority shareholder and managing partner is Vikram Sodhi, has gained control of Mineros S.A., one of the largest gold mining companies in the country, with operations in the Bajo Cauca region of Antioquia. At the close of its improved Public Tender Offer (PTO), the company received more offers than the maximum threshold set for the transaction, which was executed through the Colombian Stock Exchange.

Since last year, Sun Valley Investments had been targeting control of Mineros S.A. In March 2024, it acquired a 22.5% stake from Grupo Colpatria, owned by the Pacheco family, followed by an additional 2.49% from another group subsidiary, Banderato Colombia, in May. From that point forward, the firm turned to the PTO to increase its stake. On December 3, it acquired an additional 5.86%, and on February 17, it launched a second PTO with the goal of acquiring between 5% and 9% at an offer price of COP 4,600 per share.

The response from the second-largest shareholder, Negocios y Representaciones, owned by the Moreno Echavarría family, was to launch a competing PTO, raising Sun Valley’s offer by COP 235, bringing it to COP 4,835 per share. In turn, on March 4, Sun Valley countered with an enhanced PTO, increasing its offer price to COP 5,500 per share and expanding the maximum number of common shares to 77,931,725, equivalent to 26% ownership.

At this price, the PTO received more acceptances than initially expected by its closing date, – a total of 118,921,827 shares, exceeding the maximum stated in the improved PTO.

In a statement issued in Toronto on March 19, Vikram Sodhi announced that Sun Valley Investments would purchase only the 77,931,725 shares it had bid for, meaning that each seller would have 0.8234 of their offered shares accepted.

Sun Valley previously owned and controlled 92,477,823 shares, representing 30.85% of Mineros. Following the settlement of the Offer, which the Colombian Stock Exchange is expected to execute on March 25, Sun Valley will own and control 170,409,548 shares, representing approximately 56.85% of the issued and outstanding common shares. With the outcome of this second improved PTO, Vikram Sodhi and his partners have transformed Sun Valley Investments, registered in Toronto, Canada, into the controlling entity of one of the three largest gold producers in the country. This position of strength has already been reflected in the appointment of David Londoño as the mining company’s new CEO.

Read the original article in Las 2 Orillas published on March 20, 2025: Click here.