Stora Enso Finalizes Sale of 12.4% of Swedish Forest Holdings
On Tuesday, Stora Enso said it has completed the previously announced divestment of about 175,000 hectares (432,000 acres) of forest land in Sweden. The transaction, equivalent to 12.4% of the company’s total Swedish forest holdings, was valued at SEK 9.8 billion (EUR 900 million; US$1.04 billion).
The buyers are Soya Group, which acquired a 40.6% share, and an MEAG-led consortium holding 44.4%. MEAG is the asset management arm of Munich Re, a German insurance company. Stora Enso will retain a 15% ownership stake in the company.
After the sale, Stora Enso continues to own more than 1.2 million hectares of forest land in Sweden, with a fair value estimated at EUR 5.6 billion (US$6.57 billion) as of September 30.
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