Meadwestvaco Corp announces completion of the sale of U.S. Forestlands to Plum Creek and establishment of a partnership for its South Carolina Real Estate Assets

Friday, 6 Dec 2013 04:02pm EST 

Meadwestvaco Corp:Says completion of the previously announced agreement with Plum Creek Timber Company Inc.Says Plum Creek has acquired all of MWV's U.S. forestlands (501,000 acres) and has invested in a newly formed partnership comprised of MWV`s development properties in the Charleston, South Carolina, region (109,000 acres).Says the total consideration of the transaction was about $1.1 billion, and consists of $220 million in cash and $860 million in the form of a ten-year installment note that MWV expects to monetize within the next few weeks.Says the aggregate value of the transaction, including both parties' investments in the partnership, was about $1.5 billion.Says it expects to receive net proceeds of about $950 million in cash following the monetization of the installment note, of which the company expects to return $665 million to shareholders. 

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