Updated 4:02 p.m.
Money may not grow on trees, but a wood and cotton fiber company is apparently worth a lot of green – an estimated $1.5 billion.
Buckeye Technologies Inc., a cotton and wood-based materials manufacturer and distributor, announced Wednesday its acquisition by Georgia-Pacific LLC, a paper and pulp company. For the deal, Buckeye was represented by a team of Dechert attorneys, many of them Washington-based. A press release did not identify legal counsel for Georgia-Pacific. A company spokeswoman declined to identify any outside firms it uses.
The transaction pooled 20 lawyers from Dechert's corporate, antitrust, environment, tax, employee benefits and international trade practices. Washington-based partners who worked on the deal include William Tuttle, Paul Denis, Mike Cowie and Jeremy Zucker.
"This was a good transaction for us to not only have the culmination of a longtime client relationship, but to integrate the various practices in the D.C. office," Tuttle said in an interview.
The relationship between Buckeye and Dechert did not sprout overnight. Thomas Friedmann, co-chair of Dechert's corporate finance and capital markets practice, established a relationship with the company in 2003 while at Shearman & Sterling. When Friedmann joined Dechert in 2006, he brought Buckeye with him. Since then, the firm has represented the company on corporate and securities matters.
Georgia-Pacific's brands include Brawny, Dixie, Quilted Northern and Angel Soft, among others. Buckeye produces products ranging from diapers to moist toilet tissues. As part of the deal, Buckeye stockholders will receive $37.50 in cash for each share.