By Sabela Ojea
Rayonier will exit the New Zealand market when it signs a $710 million deal to sell its 77% interest in its New Zealand joint venture to a special purpose vehicle formed by Ents, an investment fund managed by emerging markets-specialized investment firm TRG.
The timberland real estate investment trust on Monday said that the deal comes as it completes a comprehensive review of its New Zealand business, which will allow it to become exclusively focused on U.S. operations.
"Rayonier's presence in New Zealand dates back to 1988, and over time the value of our New Zealand business has appreciated considerably," Chief Executive Mark McHugh said.
The transaction is expected to close in 2025, subject to the receipt of regulatory approvals, the company said.
Rayonier added that proceeds from the transaction will be used to further reduce leverage, return capital to shareholders through special dividends or acquisitions, among other alternatives.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
March 10, 2025 17:21 ET (21:21 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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