Timber companies Potlatch Corp. and Deltic Timber Corp. completed their all-stock merger, with the combined entity rebranding as PotlatchDeltic Corp.
The parties said earlier their merger would create a timberland real estate investment trust and lumber manufacturing business worth $3.3 billion. Upon closing, each outstanding Deltic Timber common share immediately before the merger converted to the right to receive 1.80 PotlatchDeltic common shares. About 22 million PotlatchDeltic common shares, or roughly 35% of total outstanding shares, will be issued to Deltic Timber stockholders.
Post-merger, the resulting entity's timberland portfolio totals close to 2 million acres, with about 1.1 million acres in the U.S. South, 600,000 acres in Idaho and 150,000 acres in Minnesota. The merged company operates eight wood products manufacturing facilities and has a lumber capacity of 1.2 billion board feet.
The company's shares will trade under the ticker PCH on the Nasdaq Stock Market.