Shares of Alcoa (AA) jumped Monday as the aluminum giant said it was sell🥃ing its 25.1% stake in a joint venture with Saudi Arabia Mining Co., known as Ma’aden.

Alcoa said the transaction will net it $1.1 billion in Ma’aden stock and cash. That includes approximately 86 million Ma’aden shares valued at about $950 million. It requires Alcoa to hold the shares for a minimum of three years.

Alcoa shares, which have risen for four consecutive s🌳essions, were up about 7% in morning trading. The shares are up about 20% over the past year.

The joint venture was formed in 2009. Alcoa said the combination "created the world’s largest, lowest cost fully integrated aluminum facility."

Alcoa CEO William Oplinger said the move “simplifies our portfolio, enhances visibꦿility in the value of our investment in Saudi Arabia and provides greater financial flexibility for Alcoa.” He called it “an important part of improving our long-term competitiveness.”

The deal is expected to close in the first half of next year.