Luxembourg-based Tenaris S.A., a steel pipes manufacturer, announced that it has agreed to acquire from a private group 47.79 percent of the shares of peer Saudi Steel Pipe Company for an aggregate price of $144 million.
With this transaction, Tenaris will significantly expand its industrial presence in the Kingdom of Saudi Arabia and the range of products it supplies to Saudi Aramco.
The combined portfolio will provide Saudi Aramco and regional customers with a comprehensive range of products.
The transaction is subject to regulatory approvals, including approval by the Capital Market Authority of Saudi Arabia, and other customary conditions and is expected to close in the first quarter of 2019.