Longview Timber will be purchased for $2.65 billion by Weyerhaeuser next month, giving the Federal Way company 645,000 more acres of timberlands in Washington state and Oregon.

That price makes the acquisition the third largest in North America, and includes debt from affiliates of Brookfield Asset. Finalization of the deal with occur in July, and quarterly cash dividends will be bumped up to 22 cents a share in September.

Weyerhaeuser is also looking into a spinoff for its Weyerhaeuser Real Estate homebuilding and real estate development business.