Brookfield Asset Management Inc on Sunday said it had agreed to sell all its Longview Timber holdings to Weyerhaeuser Co for $2.65 billion, including assumption of debt.
The company also said it will sell its Longview Fibre Paper and Packaging operations to KapStone Paper and Packaging Corp for $1.025 billion.
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"While the timing of the (separate) sale transactions is coincidental, for investors in our funds these transactions represent monetization at excellent returns and puts each of these assets into the hands of strategic buyers who will be able to take them to the next level," Cyrus Madon, Senior Managing Partner in Brookfield's Private Equity Group, said in a release.
(Reporting by Ransdell Pierson; Editing by Theodore d'Afflisio)