ATLANTA -- Plum Creek Timber Co., a real estate investment trust based in Seattle, said Tuesday it has agreed to buy Georgia-Pacific's Timber Co. for $3 billion in stock.
The deal also calls for Plum Creek to assume $1 billion in Timber Co. debt. The deal is expected to close early next year.
If approved by shareholders, Plum Creek said the transaction would make it the second largest private timberland owner in the country, with 7.9 million acres in 19 states.
Atlanta-based Timber Co., is a separate operating company within Georgia-Pacific, which buys 60 percent of its annual harvest. The company manages 4.7 million acres of timber.