BHP Group (ASX:BHP) has completed its acquisition of OZ Minerals (ASX:OZL), making it the parent company of OZL.

The acquisition is part of BHP's strategy to meet the increasing demand for critical minerals needed for electric vehicles, wind turbines and solar panels to support the energy transition.

Together, the companies will focus on the operation of the Olympic Dam, Prominent Hill and Carrapateena assets in South Australia.

OZ Minerals' shareholders today received total cash consideration of $28.25 per share.