Boise Selling Paper, Packaging Assets

BOISE, ID—Boise Cascade has entered into an agreement with Aldabra 2 Acquisition that sees Boise selling off its paper, packaging and newsprint segments for approximately $1.65 billion. As part of the deal, Aldabra will change its name to Boise Paper and will apply for listing on either the New York Stock Exchange or NASDAQ.

Privately held Boise Cascade will maintain 100 percent ownership of its wood products and building materials distributions segments.

Alexander Toeldte, currently an executive vice president for Boise Cascade, will become CEO of Boise Paper.