Alcoa Corporation has entered into an agreement to acquire South32 Limited's interests in bauxite mine, alumina refinery, and aluminum smelter operations. The total upfront consideration is approximately $4.1 billion, comprising $3.1 billion in cash and approximately $1.0 billion in newly issued Alcoa common stock (representing about 6% of outstanding shares post-issuance). An additional contingent value right (CVR) of up to $750 million may be paid to South32 based on future alumina and aluminum prices. The transaction is expected to generate approximately $900 million in net present value of synergies. The acquisition is anticipated to be accretive to Alcoa's earnings per share (EPS) and free cash flow immediately following closing. The deal is expected to close in the first half of 2027, subject to regulatory approvals and shareholder consent from South32. The acquired assets include operations in Western Australia (Boddington bauxite mine, Worsley alumina refinery), South Africa (Hillside aluminum smelter, idled Bayside smelter property), and Brazil (Minerao Rio do Norte bauxite mine, Alumar alumina refinery and aluminum smelter). The Mozal aluminum smelter in Mozambique is excluded from the transaction.