Alcoa acquires South32's bauxite, alumina, aluminum assets for $4.1B upfront plus up to $750M CVR

Alcoa Corp

Upfront consideration: $3.1B cash + ~17M Alcoa shares (~$1.0B) for total $4.1B; implied enterprise value ~$4.7B including lease debt.
Expected synergies of ~$900M NPV; accretive to EPS and FCF immediately post-close.
Assets: Boddington bauxite mine, Worsley alumina refinery (Australia); Hillside smelter (South Africa); MRN bauxite, Alumar refinery/smelter (Brazil). Excludes Mozal.
CVR up to $750M based on alumina/aluminum price triggers over four annual periods starting July 1, 2026.
Expected close H1 2027; subject to South32 shareholder approval, regulatory approvals; fully committed bridge financing from Goldman Sachs.

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