AbitibiBowater has entered into a definitive agreement with its joint venture partner Woodbridge International Holdings to buy out the remaining 47.5% stake in the Augusta Newsprint Company. The transaction is subject to the customary closing conditions and is expected to be finalized during the first quarter of 2011. AbitibiBowater will pay Woodbridge a $90m promissory note, the lesser of $15m in cash and the pro rata portion of the cash in the partnership on the business day before the closing of the transaction.
AbitibiBowater to buy out Augusta Newsprint Company
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