Paper Excellence enters agreement to acquire Resolute Forest Products
The Paper Excellence Group, Domtar’s owner, has entered an agreement to purchase Resolute Forest Products through Domtar. Under the agreement, Domtar will acquire all outstanding shares of Resolute common stock. The transaction is expected to close in the first half of 2023.
With this addition to its family of companies, the Paper Excellence Group will further build out its forest products portfolio in North America following the successful acquisition of Domtar last year. Resolute will be a wholly owned subsidiary of Domtar, under the auspices of the Paper Excellence Group. Domtar and Resolute will continue to operate independently under their own names.
“This acquisition strengthens the Paper Excellence Group’s core pulp and paper businesses and diversifies their product offering by adding tissue and wood product segments. We do not anticipate any immediate changes to Domtar’s operations. We remain focused on operating safely and sustainably in our communities and serving our customers without interruption.” said Domtar President and CEO John D. Williams.
The transaction is subject to Resolute shareholder approval, as well as applicable regulatory approvals and satisfaction of other customary closing conditions.