Through this transaction, Alcoa has received proceeds of approximately 86 million Ma’aden shares, valued at around USD 1.2 billion, along with USD 150 million in cash, which will be used primarily to cover related taxes and transaction expenses. Alcoa expects to record a gain of roughly USD 780 million in other income in the third quarter of 2025, and consistent with its practice for non-core asset sales, will reflect this as a special item.
As stipulated by the agreement, Alcoa is required to retain its Ma’aden shares for a minimum of three years. It will be allowed to sell one-third of the shares after each of the third, fourth and fifth anniversaries following the transaction’s close. Under certain conditions, Alcoa may hedge or borrow against its shareholding during this period, and in specific scenarios, the holding requirement may be reduced. Post-transaction, Alcoa now holds approximately 2 per cent of Ma’aden’s outstanding shares.
