AbitibiBowater Sells Timberland for $70M

AbitibiBowater Inc. (ABH) successfully completed the sale on February 20, 2009 of approximately 76,724 hectares (189,508 acres) of private timberlands in Québec, for a total consideration of $70 million in cash. The Seigneurie de Perthuis, located in the Mauricie region, was sold to a newly formed limited partnership held by Société de gestion d'actifs forestiers Solifor, s.e.c. and the principal shareholder of Scierie DION et FILS inc., a local sawmill operator. The Seigneurie Nicolas-Riou and Lac Métis, both located in the Bas-Saint-Laurent region, were sold to two newly formed limited partnerships, both created and owned by Société de gestion d'actifs forestiers Solifor.

AbitibiBowater was represented by Claude St-Laurent, assistant general counsel, assisted by a team at Ogilvy Renault LLP comprising Francis R. Legault, Nicolas Labrecque and Marie-Claude Mailloux (corporate and commercial); Pierre-Christian Labeau (Aboriginal law); and Louis Roy (real estate).

Solifor and Scierie DION were both represented by Gaétan White and Daniel St-Pierre from Joli-Coeur Lacasse Avocats.