Alcoa to Buy South32's Aluminum Assets in Up to $5.6 Billion Deal
- Alcoa announced a definitive agreement to acquire South32's aluminum value-chain assets for an implied enterprise value of up to $5.6 billion, including ~$4.1 billion upfront in cash and stock plus a contingent value right of up to $750 million tied to future aluminum prices (Bloomberg).
- The deal, expected to close in H1 2027, is among the largest base-metals M&A transactions of the year and comes as aluminum on the LME fell to its lowest since February on a stronger dollar.
- It sharpens Alcoa's focus on bauxite, alumina and smelting as Western producers race to onshore critical-minerals supply chains.