PotlatchDeltic Corporation Completes Merger With CatchMark Timber Trust

PotlatchDeltic Corporation announced on Wednesday (9-14-22) that it has successfully completed the previously announced merger with CatchMark Timber Trust Inc. in an all-stock transaction, creating a leading integrated timber REIT. The news release indicates that all closing conditions have been met.

The combination of PotlatchDeltic with CatchMark Timber Trust brings together two high quality timberland REITs, resulting in PotlatchDeltic owning nearly 2.2 million acres of diversified timberlands—including 626,000 acres in Idaho and over 1.5 million acres in the US South.

PotlatchDeltic also remains the timber REIT with the most leverage to lumber prices, including 1.1 billion board feet of lumber capacity. The transaction also combines two successful and complementary real estate businesses.

In accordance with the terms of the merger agreement, each outstanding share of CatchMark common stock immediately prior to the merger converted to the right to receive 0.23 shares of PotlatchDeltic common stock. In total, approximately 11.5 million shares of PotlatchDeltic common stock will be issued to CatchMark shareholders, which represents 14% of total shares outstanding.