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NewPage bought out by Verso Paper


UNDATED (WSAU) -- NewPage Holdings has a new owner.

Tennessee based Verso Paper is buying out the company in a deal worth $1.4 billion dollars. That will also include buying debt that NewPage holds.

The deal was announced today by both company boards. THey're hoping to complete the sale by the end of the second quarter.

Verso CEO Dave Paterson says the move will be beneficial for both companies and offer a better base against the increased use of digital media in the market. Paterson will be the head of the new board.

The new company will have 11 plants in 6 states including the one in Wisconsin Rapids.