Tenaris, an Italian group specializing in the supply of pipes and services for the oil and gas industry, goes shopping abroad. The company has signed a definitive agreement to acquire the entire stake (100%) of the Canadian company Mattr in its subsidiary Bredero Shaw International, a company specializing in pipe coatings.
The acquisition is valued at 166 million dollars, including outstanding funds, and will be effected without the use of cash or the assumption of debt.
Nine factories in various countries
The acquisition includes nine factories located in different countries, including Canada, Mexico, Norway, Indonesia, the United Arab Emirates and the United States. The range of assets involved also includes mobile concrete plants, research and development facilities located in Toronto and Norway, as well as a large portfolio of intellectual property and products.
The trend ofoperation is subject to regulatory approvals in Mexico and Norway upon completion of the transaction expected within about six months.
