UPDATE: More information on the sale

Verso Paper Corp. announced Monday that it has entered an agreement to purchase New Page Holdings Inc.

Verso said the transaction is valued at $1.4 billion.

Upon completion of the deal, the combined company will have 11 facilities in six states and sales of approximately $4.5 billion.

Verso, a leading producer of coated paper, owns mills in Michigan and Maine, including Jay and Bucksport.

New Page’s paper mills include Rumford.

Watch the Sun Journal for more details.