The forestry company said it has received $77 million including working capital and will be eligible for additional payments over three years based on Peace Valley's pre-tax operating earnings.
The deal was originally announced in November.
The two companies will maintain a relationship as Canfor continues to provide fibre resource management for the Peace Valley mill.
The operation has an annual production capacity of 820 million square feet of OSB. It currently operates four shifts.
Canfor has operations in B.C., Alberta, Quebec, and North and South Carolina. It also owns a 50.2 per cent interest in Canfor Pulp Products Inc. (TSX:CFX).