South32 has agreed to sell most of its aluminum assets to Alcoa in a cash-and-stock deal implying enterprise value up to $5.6 bln. The package includes Worsley alumina (Australia), Hillside aluminium (South Africa), MRN bauxite mines (Brazil) and equity in a Brazilian alumina refinery and aluminium smelter. Alcoa will assume about $1.2 bln of remediation and closure liabilities. The transaction is expected to close in H2 2027; South32 plans an approximately $500 mln tax-free special dividend the

South32 has agreed to sell most of its aluminum assets to Alcoa in a cash-and-stock deal implying enterprise value up to $5.6 bln. The package includes Worsley alumina (Australia), Hillside aluminium (South Africa), MRN bauxite mines (Brazil) and equity in a Brazilian alumina refinery and aluminium smelter. Alcoa will assume about $1.2 bln of remediation and closure liabilities. The transaction is expected to close in H2 2027; South32 plans an approximately $500 mln tax-free special dividend thereafter. Alcoa says the deal should deliver roughly $900 mln NPV of synergies from optimizing complementary assets.