The sale of Domtar to a B.C.-based company is nearly complete.
According to Northern Ontario Business, Paper Excellence has moved a step closer to finalizing its $3-billion purchase of Domtar having received approval from the competition commissioner.
Last Thursday, the two paper companies jointly announced the acquisition has received approval under the Canadian Competition Act.
To meet the standards set out by the Act, Paper Excellence will be required to sell Domtar’s pulp mill in Kamloops, B.C., after the merger concludes to alleviate the commissioner’ concerns about how the sale could impact the purchase of wood fibre from the Thompson/Okanagan region in British Columbia.
The transaction is expected to close by year’s end.
Paper Excellence picks up 13 pulp and paper mills and 10 manufacturing and converting Domtar facilities across North America including the Domtar Mill in Espanola.