Rayonier (RYN) said late Monday it agreed to sell its 77% stake in a New Zealand joint venture to a special purpose vehicle created by The Rohatyn Group's Ents LP investment fund for $710 million.
The company said the deal is expected to close in 2025.
Proceeds will be used to reduce debt, return capital to shareholders, and fund future acquisitions or other capital needs, the company said.
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