Brookfield Asset Management Inc. sold about C$128 million of its shares in Acadian Timber Corp. to Macer Forest Holdings Inc.
Brookfield sold 7,513,262 common shares, representing 45% of Acadian Timber, at C$17 apiece. Macer Forest previously did not hold any shares in Acadian Timber, but its president and principal shareholder, Malcolm Cockwell, and an associate own 214,400 common shares.
As a result of the transaction, Benjamin Vaughan stepped down as board chairman of Acadian Timber and Cockwell, who is also a current director, replaced him. Brookfield Timberlands Management LP will continue as Acadian Timber's external manager under an existing asset management agreement between the two entities.
Macer Forest aims to own long-term shares of companies that own and operate forest and recreational properties.
