We are advising Alcoa on the transaction

Davis Polk is advising Alcoa Corporation on its acquisition of South32 Limited’s interests in bauxite mine, alumina refinery and aluminum smelter operations in a cash-and-stock transaction for an upfront consideration of approximately $4.1 billion. The transaction is expected to close in the first half of 2027, subject to customary closing conditions, including regulatory approvals.

Alcoa is a global industry leader in alumina and aluminum products with a vision to build a legacy of excellence for future generations. Since developing the process that made aluminum an affordable and vital part of modern life, Alcoa has developed breakthrough innovations and best practices that have led to greater safety, efficiency, sustainability and stronger communities.

South32 is a globally diversified mining and metals company producing commodities including aluminum, alumina, bauxite, copper, silver, lead, zinc, nickel and manganese from operations in Australia, Southern Africa and South America.

The Davis Polk corporate team includes partner James P. Dougherty, counsel Alexander J. Yang and associates Yi Bao and Liam Loeb. Partner Michael Kaplan is providing capital markets advice. Partner Daniel S. Kahn and associate Maria M. Morris Liévano are providing compliance advice. Partner Corey M. Goodman, counsel Liang Zhang and associate Jenna Battaglia are providing tax advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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