(USA, Russia) U.S.-based International Paper Co. (IP.N: Quote, Profile, Research) said on Friday it had signed a definitive agreement to form a $1.6 billion joint venture with Russia's leading forestry firm, Ilim Holding.
International Paper, which signed a letter of intent with Ilim in October, said it would pay about $650 million for a 50 percent stake in the venture, to be called Ilim Group. It expects to close the deal in the fourth quarter.
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