Rayonier announced on September 16 it has signed an agreement to acquire approximately 250,000 acres of timberlands located in Mississippi, Louisiana, Oklahoma and Alabama from Joshua Timberlands LLC and Oklahoma Timber, LLC for $330 million. The acquisition is expected to close in the fourth quarter of this year. Upon completion of the acquisition, Rayonier will own, lease or manage approximately 2.7 million acres in 10 states in the U.S. and New Zealand.
“The quality and location of these timberlands make them an excellent strategic fit for Rayonier,” said Lee M. Thomas, chairman and chief executive officer. “This transaction is a major step forward in our strategy to grow and diversify Rayonier’s timberland ownership while allowing for further expansion of our rural land sales program.”