Rayonier Inc. agreed to a merger of equals with Spokane, Washington-based PotlatchDeltic Corp. to create a timber and land resources company headquartered in Atlanta.
Rayonier is headquartered in Wildlight, the company’s mixed-use development in Nassau County.
The companies said in an Oct. 14 news release they will maintain “significant regional offices” in Wildlight and Spokane.
Rayonier shareholders will end up holding 54% of the combined company, which will have a new name, after the companies merge with an exchange of stock.
The merged company will own about 4.2 million acres of timberland, seven wood products manufacturing facilities and a real estate development business.
Rayonier CEO Mark McHugh will be president and CEO of the merged company and PotlatchDeltic CEO Eric Cremers will be executive chair of the board of directors.
In a news release, McHugh said the “strategic merger of equals” would “deliver enhanced value for our shareholders and other stakeholders.”
“Our complementary assets and shared vision will unlock opportunities to create significant strategic and financial benefits beyond what could be achieved by either company independently,” Cremers said in the release.
Under the terms of the agreement, PotlatchDeltic stockholders will receive 1.7339 common shares of Rayonier for each of their shares.
The merged company is expected to have a market value of $7.1 billion.
That will make it the second-largest publicly traded timber/wood products company behind Weyerhaeuser, at $17.1 billion.
The companies expect to complete the deal late in the first quarter or early in the second quarter of 2026.