Rayonier completed the previously announced acquisition of approximately 250,000 acres of timberlands from Joshua Timberlands LLC and Oklahoma Timber, LLC for $330 million. The acquisition was funded using cash, Rayonier’s revolving credit facility and the assumption of existing debt of the sellers.

“The acquisition of these quality timberlands aligns with our strategy to grow and diversify Rayonier’s timberland ownership,” says Lee Thomas, chairman and CEO.

The timberlands are located primarily in Mississippi, Louisiana, Oklahoma and Alabama. With the completion of the acquisition, Rayonier now owns, leases or manages approximately 2.7 million acres in 10 states in the U.S., and New Zealand.