The group announced it signed a deal to sell 80% of its forest land in the country’s Temuco and Valdivia regions, including 32,500ha of planted mainly radiata pine woods, to Hancock Chilean Plantations LP, part of Boston-based Hancock Natural Resource Group Inc for US$203.6m.
Closure of the deal and payment of the purchase price is expected to take place by May 21 this year, Masisa stated.
The transaction involves the formation of a new Chilean enterprise, NewCo comprising the total 62,000ha land area Masisa is selling. Hancock will hold an 80% stake in NewCo Masisa taking a 20% share.
The Chilean panel producer has signed a long term contract with NewCo which will supply wood to Masisa’s national board plants.
Under the deal with Hancock, Masisa will retain the first option to purchase its partner’s NewCo share should the US group want to sell it in future. Masisa’s strategy was to find an international partner to help develop its forest holdings.
