(MENAFN) Alcoa is taking another step to bolster its stake in the aerospace industry with a USD1.5 billion deal to buy titanium supplier RTI International Metals, Arab News reported.
The New York-based company said it will buy the specialty metal products company in an all-stock deal. It said the aerospace and defense industries accounted for 80 percent of RTI's revenues in 2014.
Alcoa plans to trade slightly more than 2.8 Alcoa shares for each RTI share. The USD1.5 billion deal value includes USD330 million in RTI cash and up to USD517 million in the company's convertible notes.
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