Allied Natural Wood Exports Pty Ltd entered into an agreement to acquire Australian hardwood and softwood timber business of Boral Limited (ASX:BLD) for AUD 64.5 million on July 25, 2021. Transaction is subject to customary completion adjustments and expected to be completed in 2021. In line with Boral?s financial framework, the proceeds will be used to optimise Boral?s net debt position and after allowing for reinvestment needs, any surplus is expected to be available for distribution to Boral?s shareholders. Stephen Dobbs from Herbert Smith Freehills acted as a legal advisor to Boral Limited, Hamilton Locke acted as a legal advisor to Allied Natural Wood Enterprises Pty Ltd.