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Byline: Laura King in Toronto and Padriac Cassidy in New York
Canada's Domtar Inc. plans to significantly expand its U.S. operations with the acquisition of four paper mills in three states from Georgia-Pacific Corp.
Terms of the deal, announced Monday, were not disclosed, pending due diligence, but industry sources put the price at more than $1.5 billion.
The purchase would hoist Domtar into second place in North America as a producer of fine paper.
The assets are Georgia-Pacific's uncoated fine-paper mills at Ashdown, Ark., Nekoosa and Port Edwards, Wis., and Woodland, Maine, and the associated pulp facilities.
"This acquisition …