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Brookfield Asset Management Inc Sells Longview Timber and Longviedw Fibre Paper and Packaging for $3.675 Billion


Sunday, 16 Jun 2013 01:00pm EDT 

Brookfield Asset Management Inc announced that it has agreed to sell both Longview Timber and Longview Fibre Paper and Packaging in two separate transactions for aggregate proceeds of $3.675 billion. Brookfield has agreed to sell 100% of Longview Timber to Weyerhaeuser Co. for $2.65 billion including the assumption of debt. Longview Timber consists of approximately 645,000 acres of high quality timberlands in the U.S. Pacific Northwest and is held through a Brookfield managed global timber fund in which Brookfield is an investor alongside Brookfield Infrastructure Partners and private institutional investors. After repayment of debt and distribution of proceeds to private fund investors, net cash proceeds to Brookfield will be approximately $600 million, on account of its investment. In addition, Brookfield Infrastructure will receive net proceeds of approximately $470 million. Brookfield also agreed this week to sell Longview Fibre Paper and Packaging to KapStone Paper and Packaging for $1.025 billion. Longview Fibre Paper and Packaging operates a large integrated paper mill at Longview Washington and seven container plants in the U.S. Pacific Northwest, producing Kraft paper, container board and corrugated boxes, and is held through a Brookfield managed private equity fund. After repayment of debt and distribution of proceeds to the other investors in the fund, net cash proceeds to Brookfield will be approximately $250 million.