After a process of almost a year Masisa S.A. announced last Friday, March 20, the agreement for the sale of its forests in Chile.
The agreement was informed through an essential fact issued to the Commission for the Financial Market (CMF), that announces that a contract has been signed by which Forestal Tregualemu SpA, a company 100% owned by Global Forest Partners (GFP), will acquire forest assets in Chile owned by Masisa Forestal SpA.
The forest assets include approximately 78,220 hectares, of which about 49,939 hectares are planted and around 5,198 are available for planting; approximately 6,124 hectares of native forest; and 437.7 hectares located in San Isidro, with a nursery with a production capacity of 11.8 million plants per year.
The purchase price is USD 350 million, which will be used primarily to pay the financial debt of Masisa S.A.
The transaction also includes a long-term supply contract for forest products from Forestal Tregualemu SpA to Masisa S.A. for the supply of the latter's industrial operations in Chile.
The transaction is subject to the approval of the Extraordinary shareholders meeting of Masisa which will be called in the coming days by the board of the company. In this operation
Masisa is being advised by UBS Investment Bank.