Spo Partners Buys Stake In Plum Creek

SEATTLE

SPO Partners & Co., private investors based in San Francisco, has acquired Burlington Resources Inc.'s remaining interest in Plum Creek Timber Co. for $70 million. The acquisition includes the general-partner interest and 1.25 million deferred participation interests.

SPO has been Plum Creek's largest shareholder for the past two years as Burlington Resources phased out its interest.

Plum Creek was formed in 1989 to acquire, own and operate the timber business and wood-products manufacturing operations formerly owned by Burlington Resources. It is one of the largest private timberland owners in the Northwest.

David Leland, Plum Creek's president and chief executive, will serve with Ian Davidson, another Plum Creek director, on the board.