The trans-Tasman deal is a very positive endorsement of New Zealand’s forestry industry, says partner
Leading New Zealand firms have acted in the sale of one of the largest forestry businesses in New Zealand.
MinterEllisonRuddWatts advised Australia’s OneFortyOne Plantations (OFO), which agreed to buy New Zealand’s Nelson Forests from funds advised by US-based Global Forest Partners for an unspecified amount. US firm Foley Hoag, which partnered with Bell Gully in New Zealand, advised Nelson Forests.
Nelson Forests, which is 100% owned by funds advised by Global Forest Partners, has more than 60,000 hectares of productive forests with a total annual log-processing capacity of 1.4 million cubic metres under its control. OFO has 80,000 hectares of plantation assets leased from the South Australian government.
MinterEllisonRuddWatts helped broker the deal, said Mark Forman, corporate partner who led the firm’s team on the deal.
He said the deal is “a very positive endorsement of New Zealand’s forestry industry, and the opportunities for further growth of the forest and domestic processing in the Nelson region.”
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