It’s a $1.4-billion dollar deal.
Verso makes coated paper.
Newpage produces printing and specialty papers.
Verso CEO David Paterson says the buyout will put the company in a better position to face increased competition.
Paterson will lead the combined company, which will have 11 plants in six states.
The deal was unanimously approved by both companies’ boards.
It’s expected to close in the second half of this year.