Greif to sell Soterra land management business for $462M

Greif (GEF) entered into a definitive agreement with Molpus Woodlands Group, on behalf of clients, to sell its Soterra land management business for $462M. This transaction, which includes over 173,000 acres of timberlands across the Southeastern United States, follows Greif’s previously announced intent to divest the business as part of its strategic portfolio optimization. The deal is expected to close shortly before or after the Company’s fiscal year end, subject to customary closing conditions. Cash proceeds from the sale will be allocated to debt repayment.