Weyerhaeuser
Company (WY) today announced it has a signed definitive stock purchase
agreement to acquire Longview Timber LLC from affiliates of Brookfield Asset
Management Inc. for $2.65 billion, which includes the assumption of debt. The
transaction is subject to the satisfaction of customary closing conditions and
is expected to close in July 2013.
The
company is acquiring approximately 645,000 acres of unique, high-quality
timberlands in Washington and Oregon that are highly complementary and
contiguous with the company's existing acreage. This transaction will expand Weyerhaeuser's
timber holdings in the Pacific Northwest by 33 percent to approximately 2.6
million acres and increase the total amount of U.S. timberlands it owns or
controls to approximately 6.6 million acres. The company expects to reach
annual synergies of approximately $20 million within two years of closing.
