TimberTimberWest will be under new ownership soon, but no major changes in operations are expected.

The mega-timber and real estate company is being purchased by two pension funds for $1.03 billion, including assumed debt.

“No fundamental changes in the operations of the business are anticipated,” a press release reads. “It will be business as usual on the ground, and existing operating systems and processes will remain in place.”

The pension funds acquiring TimberWest are British Columbia Investment Management, and Public Sector Pension Investment Board, which invest on behalf of Canadian pension plans.

“As part of the definitive agreement, TimberWest has a 60-day ‘go-shop’ period during which it is permitted to solicit a superior proposal,” a TimberWest press release added.

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