Norske Skog Canada Ltd. has reached an agreement-in-principle with Belkorp Group to alter the terms on which the BC operations of Newstech Recycling will be acquired. Newstech is a deinking pulp facility located in British Columbia. The company uses old newspaper and old magazines that are converted into pulp for newsprint and directory paper. NorskeCanada is Newstech’s primary customer. The company purchases around 120,000 metric tons of deinked pulp a year.
The purchase price to be paid by NorskeCanada is an aggregate of $58 million, subject to certain closing adjustments. It was previously announced that the purchase price would be paid as to $29 million in cash and through the issue of $29 million of NorskeCanada common shares. NorskeCanada and the Belkorp Group have agreed that the portion of the closing price to be paid by issuing common shares will be set at NorskeCanada's option, subject to a maximum value of the share consideration of $29 million.Get curated news on YOUR industry.
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