Weyerhaeuser Company (NYSE: WY) announced Sunday 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 unique, high-quality timberlands in Washington and Oregon that are highly complementary and contiguous with the company’s existing acreage. This transaction will expand Weyerhaeuser’s timber holdings in the Pacific Northwest by 33 percent 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.
There goes the neighborhood…
Interesting how timber land produces income out the wazoo yet the land itself is taxed next to nothing in contrast to the tax accessed on the struggling employee of the timber company who’s home is on a postage stamp sized piece of property. The employee can hard make ends meet to survive while the timber companies continue to suck up billions of dollars. People need to wake up & start withholding their labor for equitable compensation.
Yup, those special assessments help make hedge fund managers rich. We posted this story as a lead up to a larger discussion about special assessments