Paper Excellence announces $3B deal to purchase Domtar
May 11, 2021 | 8:59 AM
Dylana Kneeshaw
KAMLOOPS — B.C. based Paper Excellence has announced it is has reached a deal to acquire Domtar for approximately $3 billion USD.
In a release from Paper Excellence today (May 11), the company says it will keep operations of Domtar as a stand-alone business entity. Under the terms of the agreement, Domtar will be led by its own management team and Paper Excellence will retain its corporate and production locations.
The agreement has been unanimously approved by the Domtar Board of Directors and is expected to close in the second half of 2021.
The deal means Paper Excellence will acquire all of the issued and outstanding shares of Domtar common stock for $55.50 per share. The transaction represents an enterprise value of about $3 billion USD.
Domtar is based in South Carolina, with its Kamloops paper mill employing more than 300 people. Canadian rival turned business partner, Paper Excellence is based in B.C., with seven Canadian mills operating with a workforce of more than 2,800 employees.
To see the full release, click here.
