Paper Excellence Group and Resolute Forest Products Inc. (NYSE:RFP) announced their intention to sell Resolute's Thunder Bay pulp and paper mill to further facilitate the regulatory review process. On July 6, the Paper Excellence Group through its wholly-owned subsidiary Domtar, a global diversified manufacturer of pulp and specialty, printing, writing, and packaging papers, entered into an agreement with Resolute, a global forest products company, to acquire all of the outstanding common shares of Resolute stock. Any sale of the Thunder Bay pulp and paper mill will be contingent upon closing of the announced acquisition of Resolute by Domtar, and to applicable regulatory approvals.

The acquisition of Resolute by Domtar continues to be expected in the first half of 2023, following stockholder and regulatory approvals, and satisfaction of other customary closing conditions, the receipt of which remain outstanding.