WARREN, Ark. – PotlatchDeltic Corporation, which operates a lumber facility in Warren, has announced plans to merge with Rayonier Inc. in an all-stock transaction that will combine two of the country’s leading timber and land resources companies.
According to the joint announcement, the merger will create a company with an estimated $7.1 billion equity market value and an $8.2 billion total enterprise value, including $1.1 billion in net debt. The combined business will become the second-largest publicly traded timber and wood products company in North America.
Under the agreement, PotlatchDeltic shareholders will receive 1.7339 Rayonier shares for each PotlatchDeltic share, representing a value of $44.11 per share—an 8.25% premium over PotlatchDeltic’s October 10 closing price. After completion, Rayonier shareholders will own about 54% of the combined company, while PotlatchDeltic shareholders will own about 46%.
The new company, which will be renamed before the deal closes, will manage 4.2 million acres of timberland across 11 states and operate seven wood product facilities, including six lumber mills and one plywood mill.
Mark McHugh, President and CEO of Rayonier, said, “We are excited to announce this strategic merger of equals, combining two exceptional land resources companies to deliver enhanced value for our shareholders and other stakeholders.”
Eric Cremers, President and CEO of PotlatchDeltic, added, “This merger is a watershed moment for both companies. Our complementary assets and shared vision will unlock opportunities to create significant strategic and financial benefits beyond what could be achieved by either company independently.”
The combined company will be headquartered in Atlanta, Georgia, with regional offices in Spokane, Washington, and Wildlight, Florida. Leadership will include McHugh as President and CEO, Cremers as Executive Chair of the Board for two years, and Wayne Wasechek, currently PotlatchDeltic’s CFO, as Chief Financial Officer.
The merger is expected to close in late first quarter or early second quarter of 2026, pending regulatory and shareholder approvals.
Rayonier also announced a special dividend of $1.40 per share, payable December 12, 2025, to its shareholders of record as of October 24. This dividend stems from the company’s sale of its New Zealand business and will include both cash and Rayonier common shares.
More details about the merger and dividend can be found on the companies’ investor websites at www.potlatchdeltic.com and www.rayonier.com.
