PotlatchDeltic–Rayonier $8.2B Merger to Form Timber Powerhouse

PotlatchDeltic (NASDAQ: PCH) and Rayonier (NYSE: RYN) announced an $8.2 billion all-stock merger, including debt, that will create one of the largest publicly traded timber and wood products companies in North America.

Under the deal terms, PotlatchDeltic shareholders will receive 1.7339 Rayonier shares for each share of PotlatchDeltic, representing an implied value of $44.11 per share — an 8.25% premium to PotlatchDeltic’s October 10 closing price.

Following the merger, Rayonier shareholders will own ~54% of the combined entity, and PotlatchDeltic shareholders will hold ~46%. The company will operate under a new name to be announced before closing.

Combined Timberland & Manufacturing Footprint

The newly formed company will control approximately 4.2 million acres of timberlands, including:

3.2 million acres in the U.S. South
931,000 acres in the U.S. Northwest

Additionally, it will operate seven wood product facilities — six lumber mills with a total capacity of 1.2 billion board feet, and one industrial plywood mill.

“This merger creates a timber leader with scale, balance, and diversified geographic exposure across the most productive regions in North America,” said Mark McHugh, Rayonier CEO, who will lead the combined company.
Eric Cremers, PotlatchDeltic CEO, will serve as Executive Chair for two years.

Strategic Rationale

The merger aims to unlock synergies in land management, timber operations, and wood manufacturing, while broadening exposure to real asset investments tied to housing, construction, and renewable wood products.

Analysts expect the deal to enhance cash flow stability, improve operational efficiency, and expand the company’s presence in fast-growing timber markets in the Southeastern U.S.

Deal Timeline

The transaction remains subject to shareholder and regulatory approvals and is expected to close in mid-2026.