Interfor Corporation announced that its wholly owned subsidiary, Interfor East Ltd., has acquired a total of 28,684,433 common shares in the capital of GreenFirst Forest Products Inc. from Rayonier A.M. Canada G.P., which represents approximately 16.2% of GreenFirst’s issued and outstanding common shares. The total cash consideration was approximately C$56 million, or C$1.94 per share, and certain price protection provisions will apply in limited circumstances during a defined period following the transaction. This acquisition was made for investment purposes and builds upon, and is complementary to, Interfor’s recent expansion into Eastern Canada through the acquisition of EACOM Timber Corporation in February 2022.
Before the transaction, Interfor did not own or have control or direction over any common shares or other securities of GreenFirst.
GreenFirst is a publicly-listed forest products company with seven sawmills and one paper mill in Eastern Canada, and licences providing long-term access to approximately 3.7 million m3 of fibre in the provinces of Ontario and Quebec.
Interfor is a growth-oriented forest products company with operations in Canada and the United States.
