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SAO PAULO (Reuters) -Brazilian pulp and paper firm Suzano has acquired sure forestry property from two special-purpose companies managed by BTG Pactual Timberland Funding Group, in accordance with a securities submitting.
The deal was valued at 1.826 billion reais ($375.7 million) and requires regulatory approval, Suzano stated within the submitting 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 are thought of “usable,” Suzano stated, including that the world is planted with eucalyptus timber of various ages.
The transaction takes place solely days after rival Klabin introduced the acquisition of land and forests in Parana state from a Chilean vendor, for $1.16 billion. That deal took the market unexpectedly and goals to scale back dependence on third-party wooden.
Suzano can pay the agreed worth in money on the deal’s cut-off date in 2024. The quantity will likely 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 property on the cut-off date, as is customary in one of these operation, Suzano stated.
In a separate submitting on Saturday, Suzano raised its funding projection for 2024 from 14.6 billion reais to 16.5 billion reais.
($1 = 4.8605 reais)