AbitibiBowater Completes $70 Million Timberlands Sale
Feb 20, 2009 - AbitibiBowater today said that it has completed the sale of approximately 76,724 hectares (189,508 acres) of private timberlands in Quebec, Canada, for CDN$70 million in cash.
AbitibiBowater plans to use the proceeds from this sale for general corporate purposes.
The Seigneurie of Perthuis, located in the Mauricie region, was sold to a newly formed limited partnership composed of Societe de gestion d'actifs forestiers Solifor, s.e.c. and the principal shareholder of Scierie Dion & Fils inc., a local sawmill operator.
The Seigneuries of Nicolas Riou and Lac Metis, both located in the Bas-Saint-Laurent region, were sold to two newly formed limited partnerships created by Societe de gestion d'actifs forestiers Solifor, s.e.c.
Scotia Capital Inc. acted as exclusive financial advisor to AbitibiBowater for this sale process.