---
schema_version: "secwatch.filing_event.v1"
accession: "0000950103-26-009899"
form_type: "8-K"
ticker: "AA"
cik: "0001675149"
company_name: "Alcoa Corp"
filed_at: "2026-07-01T10:15:05+00:00"
generated_at: "2026-07-01T10:20:06.647590+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950103-26-009899
- form_type: 8-K
- ticker: AA
- cik: 0001675149
- company_name: Alcoa Corp
- filed_at: 2026-07-01T10:15:05+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1675149/000095010326009899/0000950103-26-009899-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1675149/000095010326009899/dp249366_8k-pr.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950103-26-009899
- JSON: https://secwatch.observer/filing/0000950103-26-009899.json
- Plain text: https://secwatch.observer/filing/0000950103-26-009899.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.