WILDLIGHT, Fla. (News release) -- Rayonier Inc. announced the completion of its previously announced acquisition of Pope Resources, A Delaware Limited Partnership. Unitholders of Pope Resources approved the transaction at a special meeting of unitholders held on May 5, 2020.
"The completion of this transaction significantly expands and enhances our Pacific Northwest timberland and real estate portfolio," said David Nunes, President and CEO of Rayonier. "It further represents a significant milestone in our long-term strategy of acquiring high-quality timberlands in strong log markets and building long-term value for our shareholders through prudent capital allocation. We're very excited about the opportunity to integrate our complementary assets and to welcome the Pope employees who will become part of Rayonier. We share compatible cultures and a long history of dedication to value maximization, and we are eager to share best practices and capture synergies across our combined organization. Additionally, we're excited to be employing an innovative tax-deferred UPREIT structure and look forward to leveraging this structure in the future to grow Rayonier's high-quality timberland portfolio."