N.S. company reaches tentative agreement to purchase Northern Pulp timberlands

Tidnish Holdings Ltd. has reached a tentative purchase agreement for 173,000 hectares of timberland from Northern Pulp Nova Scotia.

Tidnish Holdings Ltd., based in Oxford, N.S., has reached a tentative purchase agreement for 173,000 hectares of timberland from Northern Pulp Nova Scotia for $235 million. Proceed will fulfill a settlement agreement between the province and the mill owner, said a news release.

The sale will protect pensioners, preserve ongoing operations and settle provincial debt repayment, said the release.

“We are pleased to know that Northern Pulp’s timberlands will be turned over to a Nova Scotia company that has deep roots in rural communities and the economy,” said Kim Masland, Minister of Natural Resources. “We will continue to have interest in how those lands remain available for forestry, though we have confidence they will provide economic and social benefits for generations.”

The province has committed $234 million as a backup bid if the company cannot close the deal.

The purchase is subject to court approval, pending a hearing Tuesday in British Columbia Supreme Court.

The timberlands span six counties including Halifax, Pictou, Colchester, Cumberland, Guysborough and Hants.

The province expects to receive approximately $100 million when the sale closes to repay debts.

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