USA –    Rayonier Inc. and PotlatchDeltic Corporation have announced a definitive merger agreement to combine in an all-stock merger of equals, creating one of the largest timberland and wood products companies in North America.

Based on October 10, 2025, closing prices, the combined company will have a pro forma market capitalization of USD 7.1 billion and an enterprise value of USD 8.2 billion, including USD 1.1 billion of net debt.

The merger, unanimously approved by both boards, will see PotlatchDeltic shareholders receive 1.7339 Rayonier shares per PotlatchDeltic share, representing an 8.25% premium.

Upon completion, Rayonier shareholders will own 54% and PotlatchDeltic shareholders 46% of the new entity, which will operate under a new name to be announced.

The combined company will control 4.2 million acres of timberland and seven wood products facilities, making it the second-largest publicly traded timber and wood products company in North America.

Executives said the merger will deliver USD 40 million in annual synergies within two years, strengthen balance sheet resilience, and expand opportunities in sustainable land use, carbon solutions, and real estate development.

The deal is expected to close in early 2026, pending shareholder and regulatory approvals.