KapStone Paper and Packaging Corp. (KS) said Monday that it has signed an agreement to acquire the stock of Longview Fibre Paper and Packaging, Inc. from Brookfield Capital Partners II, a private equity fund managed by Brookfield Asset Management Inc., in a cash free, debt free deal for $1.025 billion in cash and subject to certain post-closing adjustments.
Longview is a manufacturer of high quality containerboard, lightweight high performance multiwall paper, specialty Kraft papers, and corrugated containers located in the Pacific Northwest region. Longview's operations include a mill located in Longview, WA equipped with five paper machines which produce 1.15 million tons of containerboard and Kraft paper annually. Longview generated $831 million in net sales in 2012.
KapStone has committed financing from Bank of America, Barclays Bank, and Wells Fargo Bank.
The deal is expected to close in the summer of 2013.
Roger Stone, Chairman and Chief Executive Officer of KapStone, said, "Acquiring Longview is an outstanding opportunity for numerous reasons. The acquisition immediately adds value for our shareholders by increasing earnings and generating very strong free cash flow. The deal is accretive to our bottom-line from Day 1."
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