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Canadian Competition Bureau approves Resolute – Paper Excellence merger

The Canadian Commissioner of Competition approved the Paper Excellence and Resolute Forest Products merger. The companies jointly announced that the Canadian Commissioner of Competition has entered into a consent agreement regarding the parties’ business combination.

Once the combination is finalized, Paper Excellence’s wholly-owned subsidiary Domtar will acquire all of the outstanding common shares of Resolute stock for $20.50 per share and one contingent value right tied to potential duty deposit refunds of up to $500 million.

The consent agreement filed by the Canadian Commissioner of Competition with the Competition Tribunal on December 28, 2022, completes one of the remaining conditions for closing the transaction.

The companies shared in the statement that the transaction remains on course to close in the first half of 2023, subject to the satisfaction or waiver of the other conditions to the closing of the merger.