Singapore group Royal Golden Eagle said on Wednesday it had reached a deal to acquire Brazilian pulp maker Lwarcel Celulose Ltda for an undisclosed amount.
Royal Golden Eagle owns pulp and paper maker Asia Pacific Resources Group, known as April Group, among other assets. In Brazil, the Singapore group is the owner of the pulp producer Bracell.
Reuters reported earlier this month that April Group had made the highest bid in the sale process.
The closing of the deal still depends on antitrust approval, Royal Golden Eagle said in a written statement.
Lwarcel’s sale is the latest move in Brazil’s busy pulp and paper sector.
In March, Suzano Papel e Celulose SA announced the acquisition of larger rival Fibria SA, creating the world’s biggest wood pulp producer.