Friday, Stora Enso (SEOAY.PK) and Arauco completed the acquisition of the majority of Grupo ENCE's operations in Uruguay. The joint acquisition on a 50/50 basis includes approximately 130,000 hectares of owned land and plantations, 6,000 hectares of leased lands and other operations owned by Grupo ENCE in the central and western areas of Uruguay.
As previously announced, the enterprise value of the transaction, which was completed ahead of the original target of the end of 2009, was US$344 or EUR 253 million, including US$33 million of assumed debt. Stora Enso's share of the enterprise value is 50%.
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