03:41 AM EDT, 09/16/2024 (MT Newswires) -- Alcoa ( AA ) said Sunday it has agreed to sell its 25.1% stake in a joint venture with Saudi Arabian Mining to the majority stakeholder for $1.1 billion in cash and stock.

Under the terms of the deal, Alcoa ( AA ) will receive 86 million shares of the mining firm valued at $950 million plus $150 million in cash.

Alcoa ( AA ) said it has agreed to hold its shares in the state-affiliated mining company for at least three years, with a third of the shares becoming sellable after the third, fourth and fifth anniversaries of closing of the transaction.

The deal, subject to customary approvals, is expected to close in H1 2025.

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