Brazil’s Suzano buys forestry assets for $376 million By Reuters

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SAO PAULO (Reuters) – Brazilian pulp and paper firm Suzano has acquired sure forestry belongings from two particular objective companies managed by BTG Pactual Timberland Funding Group, in line with a securities submitting.

The deal was valued at 1.826 billion reais ($375.7 million) and requires regulatory approval, Suzano mentioned within the submitting made late on Saturday.

The goal corporations personal roughly 70,000 hectares of land within the state of Mato Grosso do Sul, in a area the place Suzano already has operations. Some 50,000 hectares of the acquired land is taken into account “usable,” Suzano mentioned, including that the world is planted with eucalyptus bushes of various ages.

Suzano pays the agreed worth in money on the deal’s time limit in 2024. The quantity can be transformed into {dollars} if the transaction closes after March 31, it added.

The acquisition worth could also be adjusted to replicate the situation of the focused belongings on the time limit, as is customary in any such operation, Suzano mentioned.

($1 = 4.8605 reais)