Hindalco shares surged nearly 5 percent on Wednesday after the company completed the $2.8 billion acquisition of US-based aluminium rolled products manufacturer Aleris Corporation through its subsidiary Novelis.At 11:42 am, Hindalco was trading 4.53 percent higher at Rs 119 per share on the NSE.The acquisition of Aleris Corp has made Hindalco one of the world's largest aluminium companies, with 49 manufacturing facilities across the globe.Aleris has long-term supply contracts with aircraft makers Boeing, Airbus and Bombardier. The acquisition will also give Hindalco access to the aluminium supply market for the building and construction segments.The closing purchase price of $2.8 billion consists of $775 million for the equity value, as well as approximately $2 billion for the assumption or extinguishment of Aleris’ current outstanding debt and a $50 million earn-out payment, the statement said.The acquisition will generate approximately $150 million in synergies and create a strong financial profile."The Aleris deal marks a major milestone for Hindalco and Novelis, on their path to global leadership. The closure of this deal amidst challenging market conditions reflects our conviction in the Aleris business and its value to our metals portfolio. Periods of turmoil have historically seen the emergence of champions, powered by quality leadership and sound business fundamentals. This is a long-term strategic bet, much like Novelis was in 2007," said Kumar Mangalam Birla, Chairman, Aditya Birla Group.Track our market live blog to receive all the updates on stock market, economy and the corporate world.