Pinheiro Guimarães has helped Brazilian paper company Klabin form a joint venture with investment company Timber XXI to exploit forestry assets in the state of Santa Catarina.

Machado Meyer Advogados advised Timber. Brazil’s antitrust watchdog CADE approved the joint venture – known as Aroeira Reflorestadora – on 23 February.

Klabin will transfer some 9,700 hectares of planted forest in the southern state of Santa Catarina to Aroeria, while Timber will inject up to 500 million reais (US$92 million) in the new entity. Aroeria will use the funds to acquire and lease some 19,500,000 hectares of land, invest in forestry assets and as working capital.

At the start of the year, Klabin issued US$500 million worth of sustainability-linked bonds, becoming the second Latin American company to issue such bonds in the international capital markets after Suzano.

Counsel to Klabin

  • Pinheiro Guimarães: Partner Sergio Ramos Yoshino and associate Bernardo Romano Teixeira

Counsel to Timber XXI SPE

(Latin Lawyer - 03.03.2021)