04:32 AM EDT, 03/12/2024 (MT Newswires) -- Alcoa ( AA ) said late Monday it agreed to acquire Alumina Limited for $2.2 billion in equity value in an all-stock deal.

Under the terms of the deal, each Alumina share will be exchanged for 0.02854 Alcoa ( AA ) shares for an implied value of AU$1.15 ($0.76) per Alumina share.

Upon completion, Alumina shareholders will own 31% of the combined company, while current Alco shareholders will own the remaining 69%.

Additionally, Alcoa ( AA ) has committed to provide short-term liquidity support to Alumina on certain instances.

Completion of the deal is expected to occur in Q3, subject to shareholder and regulatory approvals and other customary closing conditions.