Rubicon buys out ArborGen partners for US$29 million

Rubicon has taken full ownership of forestry biotech firm ArborGen, buying out its partners for US$29 million, having raised money from a new US investor to help fund the deal.

The NZX-listed forestry firm will pay International Paper and WestRock a total of US$14 million today in the first tranche of the deal, followed by a US$5 million payment on Dec. 31 and US$10 million on June 30 next year, it said in a statement. Those second and third tranches are secured against all of Rubicon’s ArborGen shares.

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