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Rayonier (RYN) investor relations material

Rayonier M&A Announcement summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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M&A Announcement summary14 Oct, 2025

Deal rationale and strategic fit

  • Merger creates a leading land resources REIT with 4.2 million acres of timberlands across 11 states, combining complementary business models and cultures focused on sustainability and stewardship.

  • The combined entity will be the second-largest publicly traded timber and wood products company in North America, with a strong presence in the U.S. South and Northwest.

  • Enhanced platform for land-based and natural climate solutions, leveraging combined expertise and scale.

  • Diversified real estate portfolio and scalable wood products manufacturing, with opportunities in higher-and-better-use real estate and established projects in Arkansas, Florida, and Georgia.

  • Well-aligned corporate cultures and values, with a shared focus on sustainability and responsible land stewardship.

Financial terms and conditions

  • All-stock merger of equals: PotlatchDeltic shareholders receive 1.7339 Rayonier shares per PotlatchDeltic share, representing an 8.25% premium based on October 10, 2025 closing prices.

  • Pro forma ownership: 54% Rayonier shareholders, 46% PotlatchDeltic shareholders.

  • Pro forma equity market capitalization of $7.1 billion and enterprise value of $8.2 billion, including $1.1 billion net debt.

  • Rayonier shareholders receive a $1.40/share special dividend; PotlatchDeltic shareholders receive equivalent value via adjusted exchange ratio and cash component.

Synergies and expected cost savings

  • Estimated $40 million in annual run-rate synergies, primarily from corporate and operational cost optimization, expected within 24 months of closing.

  • At least half of synergies expected by end of year one, remainder by end of year two.

  • Additional synergy opportunities anticipated through best practice sharing and cost optimization.

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Frequently asked questions

Rayonier Inc. is a real estate investment trust (REIT) that owns and manages timberland properties. The company engages in the sale of timber, land, and real estate development rights, primarily serving the forestry and wood products industries. It is headquartered in Wildlight, Florida, and its shares are listed on the NYSE.

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