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UPM-Kymmene Buys Champion International

 

Finland's UPM-Kymmene (UPM Quote) announced on Thursday it had agreed to acquire Champion International (CHA Quote) in a deal that values Champion's equity at $6.5 billion.

Under the terms of the deal, UPM-Kymmene will exchange 1.99 of its ordinary shares for each outstanding share of Champion common stock. The transaction values Champion's total equity at approximately $6.5 billion, based on UPM-Kymmene's Feb. 16 closing price of 33.80 euros ($33.33). Champion's shareholders may elect to receive either UPM-Kymmene American depositary receipts or ordinary shares.

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