Alcoa to acquire Firth Rixson for $2.85bn

Alcoa has signed a definitive agreement to acquire Firth Rixson, a global leader in aerospace jet engine components, from Oak Hill Capital Partners, for $2.85bn in cash and stock.

Under the terms of the deal, Alcoa will purchase Firth Rixson for $2.35bn in cash, plus $500m of company stock and an additional $150m potential earn-out.