Rayonier and PotlatchDeltic have completed their previously announced merger of equals, creating one of the largest timberland real estate investment trusts (REITs) in the United States, with more than four million acres of forestland under management.
The transaction, approved by shareholders of both companies earlier this month, closed after market close on January 30, 2026. As of February 2, the combined company operates under the Rayonier name and continues trading on the New York Stock Exchange under the ticker RYN, with a new corporate name and ticker expected later in the first quarter.
Under the terms of the agreement, each PotlatchDeltic share was converted into 1.8185 Rayonier shares and $0.61 in cash. Following the closing, former Rayonier shareholders own approximately 54% of the combined entity, with PotlatchDeltic shareholders holding the remaining 46%.
“This strategic merger of equals brings together two highly complementary land resources portfolios,” said Mark McHugh, President and Chief Executive Officer of Rayonier. “We believe the combined platform positions the company for long-term value creation.”
The merger unites geographically diverse timberlands across the U.S. South and Pacific Northwest, along with operations that include sawmills, industrial plywood production, real estate development, and rural land sales. The leadership team and board reflect balanced representation from both legacy organizations.
With increased scale, broader geographic reach, and shared commitments to sustainable forest management and third-party certification, the new Rayonier aims to strengthen its position in the North American forest products and land resources market.
Rayonier is a U.S.-based timberland real estate investment trust (REIT) focused on the sustainable management of forestlands. The company manages more than four million acres across the U.S. South and Pacific Northwest and also operates sawmills, an industrial plywood mill, real estate development activities, and rural land sales programs.
PotlatchDeltic was a U.S. timberland REIT owning approximately 2.1 million acres of forestlands across several Southern and Northwestern states, with integrated operations including sawmills, industrial plywood, and real estate development.
Source: Rayonier
