Paper Excellence Receives Competition Bureau Clearance
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Paper Excellence (Canada) has taken a significant step forward on the road to acquiring Catalyst Paper. On Feb. 7, the Canadian Competition Bureau issued a no-action letter in respect of Paper Excellence’s previously announced agreement to acquire Catalyst Paper.
Catalyst and Paper Excellence can now move forward with preparations to complete the transaction, subject to the satisfaction or waiver of remaining customary closing conditions.
The transaction involves the purchase of all of the shares of Catalyst. Catalyst owns manufacturing facilities in Crofton, Port Alberni and Powell River, a distribution centre in Surrey and headquarters in Richmond, BC.
"This acquisition demonstrates Paper Excellence’s continuing deep commitment to the province of British Columbia," states Brian Baarda, Paper Excellence’s CEO. "Once finalized, this acquisition confirms Paper Excellence’s position as a key player within Canada’s forest industry and will benefit all of the stakeholders involved, including our employees, suppliers, customers, the communities where we operate, as well as the pulp and forest products industries."
Barclays acted as exclusive financial advisor to Paper Excellence on the transaction.
