URUGUAY - BTG Pactual's Timberland Investment Group (TIG) has paid USD 402.5 million in cash for Weyerhaeuser’s assets in Uruguay.

The transaction, announced in June of this year, has been completed and includes over 300,000 acres (120,000 hectares) of timberlands in northeastern and north central Uruguay, as well as a plywood and veneer manufacturing facility, a cogeneration facility, and a seedling nursery.

“The TIG consortium is acquiring a unique combination of high-quality timber and manufacturing assets and gaining an exceptional team of highly-skilled employees,” said Weyerhaeuser’s president and CEO, Doyle R. Simons, who also thanked the team in Uruguay for their contributions to Weyerhaeuser over the years.

TIG is one of the largest timberland managers in the world. As of May 2017 the company managed over 1.8 million acres throughout the U.S., Latin America, Eastern Europe and South Africa. With the acquisition of Weyerhaeuser’s assets in Uruguay, Latin America is confirmed as TIG´s leading investment region representing now more than half of all TIG’s worlwide assets.