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International Business Times
International Business Times
Business
Ann Resuma

Alcoa To Exit 25.1% Stake In Ma'aden JV For $1.1 Billion

Alcoa Maaden JV Saudi Arabia Mac

U.S. aluminum giant Alcoa revealed an agreement to sell its 25.1% stake in the Ma'aden joint venture to Saudi Arabian mining company Ma'aden for $1.1 billion to simplify its portfolio in Saudi Arabia and enhance financial flexibility.

The consideration includes cash of $150 million and 86 million shares of Ma'aden valued at ​$950 million based on the volume-weighted average share price of Ma'aden for the last 30 calendar days as of September 12, 2024.

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