Alcoa closes sale of 25.1% Ma'aden JV stake for $1.35B in shares and cash

Alcoa Corp

Received ~86M Ma'aden shares (valued ~$1.2B) and $150M cash; expects ~$780M gain in Q3 2025.
Alcoa must hold shares min 3 years; can sell one-third after each of 3rd, 4th, 5th anniversaries.
Post-transaction, Alcoa owns ~2% of Ma'aden's outstanding shares.
Citi acted as exclusive financial advisor; White & Case served as legal counsel.

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