Greif Inc (GEF) Announces Agreement to Sell 69,200 Acres of Timberlands to Weyerhaeuser Company (WY)
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Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, today announced an agreement to sell 69,200 acres of timberlands in southwest Alabama to Weyerhaeuser Company (NYSE: WY) for approximately $149 million in cash. Proceeds from the transaction will be applied to debt repayment. While this transaction is subject to tax, the Company has tax losses from other transactions which will substantially mitigate the tax associated with this land sale.
Pete Watson, Greif's President and Chief Executive Officer, commented, "We are pleased to enter into this agreement with Weyerhaeuser Company. Proceeds from the transaction will help to de-lever our balance sheet and accelerate the transfer of Greif's enterprise value from debt to equity holders in line with our stated financial priorities."
The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2021. Perella Weinberg Partners LP acted as financial advisor and Adams and Reese LLP acted as legal advisor to Greif on this transaction.
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