Davis Polk is advising Deltic Timber Corporation on its definitive agreement to combine in an all-stock transaction with Potlatch Corporation. The combined company, which will be named PotlatchDeltic Corporation, is expected to have a pro forma equity market capitalization of approximately $3.3 billion and a total enterprise value of more than $4.0 billion. Deltic stockholders will receive 1.80 common shares of Potlatch stock for each common share of Deltic that they own. The transaction, which is expected to close in the first half of 2018, requires the approval of stockholders of both Potlatch and Deltic and is subject to the satisfaction of customary closing conditions and regulatory approvals.

Deltic is a natural resources company focused on the efficient and environmentally responsible management of its land holdings. Headquartered in El Dorado, Arkansas, the Company’s operations are located primarily in Arkansas and north Louisiana. Potlatch is a REIT with approximately 1.4 million acres of timberland in Alabama, Arkansas, Idaho, Minnesota and Mississippi.

The Davis Polk corporate team includes partner William L. Taylor, counsel Ajay B. Lele and associates Arthur M.T. Burke and Camila Panama. Partner Edmond T. FitzGerald and counsel David Mollo-Christensen are providing executive compensation advice. Partner Kathleen L. Ferrell and associate Nicole P. Field are providing tax advice. All members of the Davis Polk team are based in the New York office.

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