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Alcoa Announces Strategic Acquisition of South32’s Bauxite, Alumina, and Aluminum Assets for $4.1 billion
PITTSBURGH, June 30, 2026--Alcoa Corporation (NYSE: AA, ASX: AAI) ("Alcoa" or the "Company") today announced that it has entered into a definitive agreement to acquire South32 Limited’s (ASX: S32, LSE: S32.L, JSE: S32) ("South32") interests in bauxite mine, alumina refinery and aluminum smelter operations in a cash and stock transaction for an upfront consideration of approximately $4.1 billion. The transaction represents an implied enterprise value of approximately $4.7 billion when including n
About this update from Alcoa Corporation
PITTSBURGH, June 30, 2026--(BUSINESS WIRE)--Alcoa Corporation (NYSE: AA, ASX: AAI) ("Alcoa" or the "Company") today announced that it has entered into a definitive agreement to acquire South32 Limited's (ASX: S32, LSE: S32.L, JSE: S32) ("South32") interests in bauxite mine, alumina refinery and aluminum smelter operations in a cash and stock transaction for an upfront consideration of approximately $4.1 billion. The transaction represents an implied enterprise value of approximately $4.7 billion when including net debt primarily related to normal course financing leases. Alcoa has also agreed to provide South32 with a contingent value right (CVR) of up to $750 million. The acquisition will add a high-quality, low-cost, and globally diversified set of mining, refining and smelting assets, further strengthening Alcoa's mine-to-metal platform, expanding its global footprint and increasing the Company's ability to generate sustainable long-term value for shareholders. The acquisition also advances Alcoa's disciplined, value-creating growth strategy and enhances its position as a leading pure-play upstream aluminum company with a more competitive portfolio of world-class assets in strategically important regions around the globe. South32's operations are a strong strategic fit within Alcoa. Alcoa's proven operating model, technical expertise, and commercial capabilities are expected to unlock meaningful performance improvements and synergies across the combined portfolio. Greater scale and integration are expected to reduce complexity, lower costs, and improve competitiveness while strengthening supply chain resilience across key jurisdictions. At the same time, the transaction is anticipated to deliver broad benefits to stakeholders worldwide. It enhances Alcoa's secure and reliable global aluminum supply at a time of accelerating demand for critical minerals and metals. It reinforces Alcoa's long-term commitment and investment in Australia and Brazil and establishes a new presence in South Africa. By strengthening industrial capacity in these regions, the transaction will support economic resilience and thousands of direct and indirect jobs across local communities.