IP to Divest 143,000 Acres in Southeast
March 9, 2009 by Eric OKeefe
International Paper announced on March 2 that it plans to sell off 143,000 acres in the Southeastern U.S. in a transaction valued at approximately $275 million.
IP will sell 114,000 acres to American Timberlands Fund I, L.P., for $220 million in cash and contribute 29,000 acres with a value of $55 million for a 20 percent stake in the partnership. The transaction is expected to close in mid-June.
Read International Paper’s press release.
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