Norwegian aluminium producer Norsk Hydro said on Thursday it will sell a 30% stake in Brazilian alumina refinery Alunorte and a 5% stake in bauxite producer Mineracao Rio do Norte to Swiss miner and trader Glencore .
Glencore expects to pay about $700 million for the equity stakes on completion of the deal in the second half of 2023, it said in a separate statement, which will give the miner and trader an offtake of the metal of proportionate value.
The transaction value is based on a total net enterprise value of $1.11 billion, which will be adjusted for net debt of about $335 million, and the deal includes certain post-closing adjustments, the companies said. Norsk Hydro will use proceeds from the transaction for strategic growth and for shareholder distribution, CEO Hilde Merete Aasheim said.
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