Anglo American PLC today announced the successful completion of the Anglo American Valterra stake spin-off $2.5B, marking the final step in its exit from the platinum business. The company has sold its remaining 19.9% shareholding in Valterra Platinum Ltd. to institutional investors in South Africa for a total consideration of $2.5 billion.
The transaction involved the sale of 52.2 million Valterra shares on the Johannesburg Stock Exchange at 845 South African rand ($47.50) per share. The sale was conducted through an accelerated bookbuild process launched on Wednesday, ensuring rapid and efficient execution. Valterra was not a party to the placing and will not receive proceeds from the transaction.
Merrill Lynch International and The Standard Bank of South Africa Ltd. acted as global coordinators, while RBC Europe Ltd., Goldman Sachs International, and Morgan Stanley & Co. International PLC served as bookrunners.
With this sale, Anglo American has now fully divested its stake in Valterra, formerly known as Anglo American Platinum Ltd. The divestment follows the company’s earlier reduction of its holding in May and aligns with its strategy to responsibly complete the separation of its platinum operations.
Commenting on the transaction, Duncan Wanblad, Chief Executive of Anglo American, said:
“This placing represents another important step in our portfolio simplification. By completing the spin-off of Valterra, we are sharpening our focus on our world-class positions in copper, premium iron ore, and crop nutrients, while also strengthening our balance sheet.”
The divestment forms part of Anglo American’s broader restructuring strategy, announced in May 2024, as the company continues to optimize its portfolio and strengthen its competitive positioning amid global market challenges.
