Rayonier Agrees to Acquire 250,000 Acres for $330 Million

Rayonier (NYSE:RYN) announced it has signed an agreement to acquire approximately 250,000 acres of timberlands from Joshua Timberlands LLC and Oklahoma Timber, LLC for $330M.

The acquisition, which is expected to close in Q4, will initially be funded using cash, Rayonier's revolving credit facility and the assumption of existing debt of the sellers. Closing is subject to customary timberland transaction conditions.

Lee M. Thomas, chairman and chief executive officer said, "The quality and location of these timberlands make them an excellent strategic fit for Rayonier. This transaction is a major step forward in our strategy to grow and diversify Rayonier's timberland ownership while allowing for further expansion of our rural land sales program."

Rayonier (NYSE:RYN) has a potential upside of 16.6% based on a current price of $40.18 and an average consensus analyst price target of $46.83.

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