Alcoa in $4.1 Billion Acquisition of South32’s Bauxite, Alumina, and Aluminum Assets

Cleary Gottlieb is representing Alcoa Corporation (Alcoa) in a $3.1 billion bridge commitment related to its agreement to acquire South32 Limited’s (South32) interests in certain bauxite mine, alumina refinery, and aluminum smelter operations in a cash-and-stock transaction for an upfront consideration of approximately $4.1 billion.

Alcoa has secured fully committed financing for the transaction in the form of an initial $3.1 billion bridge commitment from Goldman Sachs.

Alcoa’s acquisition of South32’s interests is expected to close in the first half of 2027, subject to the approval of South32’s shareholders, the receipt of required regulatory approvals, and the satisfaction of other customary closing conditions.

Alcoa is a global industry leader in alumina and aluminum products with a vision to build a legacy of excellence for future generations. With a values-based approach that encompasses integrity, operating with excellence, care for people, and lead with courage. Since developing the process that made aluminum an affordable and vital part of modern life, Alcoa’s talented Alcoans have developed breakthrough innovations and best practices that have led to greater safety, efficiency, sustainability, and stronger communities wherever Alcoa operates.

South32 is a globally diversified mining and metals company.

The Cleary finance team included partner Amy Shapiro and associates Anirudh Sivaram, Elise Toscano, and David Rubinstein, with support from associate Farida Hassan. The capital markets team included partner Craig Brod, capital markets attorney Nina Bell, and associate Dylan Sanders. Partner Matt Brigham and associates Mingyu Tang and Yoolim Lee advised on tax matters. Partner Beau Sterling and associate Madison Bush advised on EHS matters.