Weyerhaeuser buys Plum Creek in $8.44B deal

Weyerhaeuser Co. announced it would acquire Plum Creek Timber Co. Inc. in an $8.44 billion deal that would form one of the world’s largest timber and forest product companies.

The two Washington-based companies would keep Weyerhaeuser’s name and combine assets to include more than 13 million acres of timberland. Based on current share prices, the deal would create a newly formed company worth $23 billion, according to The Associated Press.

The deal, which is expected to close by the second quarter of next year, would see Plum Creek shareholders receive 1.6 shares of Weyerhaeuser, if approved. Weyerhaeuser also said it would buy $2.5 billion in company shares.

Read more from The Associated Press.