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Weyerhaeuser Co Signs Definitive Stock Purchase Agreement To Acquire Longview Timber LLC; Increases Quarterly Dividend; Arranges Financing

Sunday, 16 Jun 2013 01:00pm EDT 

Weyerhaeuser Co 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 timberlands in Washington and Oregon that are complementary and contiguous with the Company's existing acreage. This transaction will expand Weyerhaeuser's timber holdings in the Pacific Northwest by 33% 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. Upon closing, Weyerhaeuser expects the acquisition to be immediately accretive to the Company's funds available for distribution per share. In conjunction with and subject to the completion of the acquisition, the Company intends to increase its quarterly dividend from $0.20 per share to $0.22 per share beginning with the third quarter dividend, payable in September 2013. In conjunction with this transaction, Weyerhaeuser intends to raise approximately $2.45 billion in a combination of debt and equity. The Company has a committed senior unsecured bridge facility from Morgan Stanley. 

Company Quote

-0.13 -0.47%
15 Apr 2014