Officials from PotlatchDeltic announced Tuesday that the Spokane-based timber and wood products company is merging with Rayonier, which is based in Wildlight, Florida, to become the second-largest publicly traded wood commodities company in North America.

The all-stock merger, expected to close early next year, is based on closing stock prices from Oct. 10. The combined company is expected to have a market capitalization of about $7.1 billion, including $1.1 billion in net debt.

The merged businesses will operate under a new name, which has not yet been announced.

“This merger is a watershed moment for both companies,” Eric Cremers, president and CEO of PotlatchDeltic, said in a news release. “We look forward to working together to ensure a seamless transition and to capitalize on excit

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