Deal seen closing in latter part of 2024 (Il Sole 24 Ore Radiocor) - Spokane , 22 Jul - Clearwater Paper Corporation, a US supplier of consumer tissue and bleached paperboard, said it has entered into a definitive agreement to sell its tissue business to Sofidel America Corporation, a subsidiary of the Italian paper manufacturer Sofidel, for 1.06 billion dollars.

The deal price is subject to adjustments for debt, cash, transaction expenses and net working capital.

Clearwater Paper said the transaction fits with its strategy of becoming a premier independent supplier of paperboard to Northern American customers and represents the conclusion of strategic options for the tissue business.

'The acquisition of Clearwater Paper's tissue business is another important milestone on our path to meet the growing demand for our products in the United States,' said Luigi Lazzareschi, CEO of Sofidel.

The transaction is expected to close in the latter part of 2024 and is subject to customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

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(RADIOCOR) 22-07-24 18:42:41 (0542) 5 NNNN