Domtar to acquire Resolute Forest Products

Montreal-based Resolute Forest Products is set to be acquired by B.C.’s Paper Excellence, through the latter’s U.S. business unit Domtar. Paper Excellence will pay $20.50 for each Resolute share in a deal valued at about $2.7-billion, while retaining Resolute’s existing operations and personnel. Paper Excellence finalized the acquisition of Domtar last year, while Resolute was formed in 2007 from the merger of Bowater Inc. and Abitibi Consolidated. The transaction is expected to close in the first half of next year.