Sidley Represents South32 in Aluminum Value Chain Sale to Alcoa Valued up to US$5.6 Billion

Sidley is representing South32 Limited, a global metals and minerals producer, in the sale of its bauxite mining, alumina refinery, and aluminum smelter operations to Alcoa Corporation, a global aluminum and alumina company, in a transaction valued at up to US$5.6 billion. The transaction terms provide for consideration payable to South32 consisting of upfront cash, contingent cash, and Alcoa common stock. The transaction will re-position South32 as a leading upstream base metals-focused company, prioritizing simpler operations and greater resilience to deliver value. South32 maintains the purpose of making a difference by developing natural resources critical to the world’s energy transition, with the aim of improving people’s lives now and for generations to come.

The Sidley team is being led by Joe Michaels and Brian Fahrney (M&A) and Mike Heinz and Mimma Barila (Capital Markets), and includes James Wood, Taylor Shuman, Morgan Smith, Andrew Baptist, and Doris Beganović (M&A); David Howe, Alan Grinceri, and Kristina Kang (Capital Markets); Sonia Gupta Barros (SEC Disclosure and Corporate Governance); Kelly Dybala (Global Finance); and Vadim Brusser, Mary Marks, and Damos Anderson (Antitrust and Competition).