Plum Creek Timber in $783 million land venture

HOUSTON Aug 27 (Reuters) - Plum Creek Timber Co Inc (PCL.N) said on Wednesday it formed a joint venture with Campbell Group LLC and would receive $783 million cash for some of its southern timberlands.

Plum Creek will contribute the timberlands to the joint venture and an investment fund sponsored by Campbell Group will contribute the cash and manage the acreage for production, Plum Creek said. The timberlands are in Oklahoma, Mississippi, Arkansas, North Carolina, South Carolina and Georgia. (Reporting by Anna Driver)