Rayonier Inc. (RYN) entered a merger agreement on October 14, 2025, to acquire PotlatchDeltic Corporation (PCH) in an all-stock deal, valued at $4.44 billion.
PotlatchDeltic shareholders will receive 1.7339 common shares of Rayonier for each share of common stock of PotlatchDeltic.
The exchange ratio represents an implied price of $44.11 per PotlatchDeltic share, which is at a premium of 5.93% from the stock’s last close.
PotlatchDeltic is a leading REIT that owns millions of acres of timberlands across the U.S. and operates sawmills, a plywood mill, and real estate development.
Rayonier is a leading timberland REIT with millions of acres of timberlands in the U.S. and New Zealand, and it also manages timber-related investments through private equity timber funds.
The combined company is expected to have a pro forma equity market capitalization of approximately $7.1 billion and a total enterprise value of $8.2 billion, including $1.1 billion in net debt.
The combined company will be the second-largest publicly traded timber and wood products company in North America, and will operate under a new name.
Together, the companies will have about 4.2 million acres of timberlands in 11 states. Most of these, over three-quarters, will be in the U.S. South, focused in the country’s strongest timber regions.
Mark McHugh, CEO of Rayonier, will continue as the CEO of the combined company. Wayne Wasechek, currently CFO of PotlatchDeltic, will become CFO of the combined company.
Rhett Rogers, currently Senior Vice President of Portfolio Management at Rayonier, will become Executive Vice President of Land Resources; and Ashlee Cribb, currently Vice President of Wood Products at PotlatchDeltic, will become Executive Vice President of Wood Products.
Eric Cremers, the CEO of PotlatchDeltic, will serve as Executive Chair of the Board of the combined company for 24 months following the closing of the transaction. The Board will consist of ten members: five from Rayonier and five from PotlatchDeltic.
The combined company will have its main headquarters in Atlanta, Georgia, and will keep major regional offices in Spokane, Washington, and Wildlight, Florida.
The deal is expected to close in the late first quarter or early second quarter of 2026.
Rayonier also declared a one-time special dividend of $1.4 per share, payable in a combination of cash and Rayonier common stock. The dividend will be paid on December 12, 2025, to shareholders of record as of October 24, 2025.
BofA Securities served as financial advisor, and Latham & Watkins provided legal counsel to PotlatchDeltic. Morgan Stanley acted as financial advisor, and Wachtell, Lipton, Rosen & Katz provided legal counsel to Rayonier.
Rayonier is purchasing PotlatchDeltic for 25.30 times its EBITDA.
To find detailed information about this merger and acquisition transaction, please visit the Deal Metrics page.
Deal Metrics for the acquisition of PotlatchDeltic Corporation (PCH) by Rayonier Inc. (RYN)
The Deal Metrics page for each merger or acquisition consists of:
– A spread history chart of the merger from announcement to completion or failure.
– Details of each event as the merger advances through regulatory approvals, shareholder votes, etc.
– News and SEC filings related to the merger.
– A history of deal updates.
– And much more.
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Editor’s Note: Baranjot Kaur contributed to this article