Atlas Holdings’ affiliate has signed a definitive agreement to acquire Resolute FP Canada’s paper mill in Thunder Bay, Ontario.

The deal is subject to certain customary closing conditions and regulatory approvals.

It is scheduled to be completed in the second half of the current fiscal year.

Once this transaction is complete, the pulp, newsprint and directory paper mill will be eligible to operate as its own stand-alone company, as part of Atlas’ existing global portfolio manufacturing and distribution businesses.

Based in Connecticut, US, Atlas has a portfolio comprising several pulp, paper and related industries, including its first platform company Forest Resources.

Atlas’ head Daniel Merriam said: “As always, we will partner with strong local leadership to strengthen Thunder Bay’s operations, to serve Thunder Bay’s customers in a highly responsive fashion, and to strongly support the local and regional community.

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“We recognise Thunder Bay’s historic and unique position in Ontario and the broader pulp and paper industry.”

Resolute is a subsidiary of Domtar and a part of Paper Excellence.

The initial announcement regarding the selling of the Thunder Bay paper mill’s operations was made by Paper Excellence in October last year.

After this deal’s closure, Resolute has said it will continue to control the sawmills and woodlands operations in north-west Ontario.

However, the associated companies will enter into specific ancillary agreements, including a long-term agreement with Resolute to deliver woodchip and biomass feedstock for the Thunder Bay mill.

Resolute’s exclusive financial advisor and legal advisor for this deal are BMO Capital Markets and Stikeman Elliott, respectively.

Resolute president and CEO Remi G Lalonde said: “The mill is an exceptional asset.

“I am confident that the dedicated and talented team in Thunder Bay will have a prosperous future, and I sincerely wish them all the best.”