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NEW YORK (AP) - Paper products giant Georgia-Pacific Corp., the maker of Brawny paper towels and Angel Soft tissue, has agreed to be acquired for more than $13 billion by Koch Industries Inc., a deal that would create the nation's biggest private company.
The $13.2 billion cash deal announced Sunday also calls for Koch to assume $7.8 billion in Georgia-Pacific debt and will result in the Atlanta-based company becoming a wholly owned subsidiary of Koch. The deal values GP at $48 per share, a 38.5 percent premium over its closing price of $34.65 Friday on the New York Stock Exchange.
Koch, based in Wichita, Kan., is a commodities conglomerate that operates refineries and pipelines, trades commodities and manufactures pulp, paper and fibers. With combined annual revenue of some $80 billion from Georgia-Pacific, Koch would surpass food and farm products maker Cargill Inc. as the largest privately held company in the U.S. Koch employs more than 30,000 people.
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