Canadian pension funds, British Columbia Investment Management and Public Sector Pension Investment Board, will acquire TimberWest Forest, The Wall Street Journal reports. The pension funds have offered to buy the timber and land-management company for about $1.08 billion, including debt. British Columbia IM already holds about 22% of TimberWest’s outstanding stapled units. The transaction is expected to be completed by June 2011. TimberWest has appointed BMO Capital Markets as its financial adviser in the deal.
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