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PotlatchDeltic selling fiberboard business for $92M

Timber real estate investment trust PotlatchDeltic Corp. is selling its El Dorado, Ark., medium-density fiberboard business operations to Roseburg Forest Products Co. Inc. for roughly $92 million, including a cash amount of $63 million and assumption of $29 million of revenue bond obligations.

The business, which PotlatchDeltic acquired through its merger with Deltic Timber Corp., will continue to operate independently of Roseburg until the closing of the transaction, expected in the first quarter of 2019, subject to customary conditions.

PotlatchDeltic will now focus its Arkansas operations on timberlands and lumber, Chairman and CEO Mike Covey said in a release.

CIBC Capital Markets serves as PotlatchDeltic's financial adviser on the deal.