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TMK to sell IPSCO Tublar to Tenaris

Steel News - Published on Mon, 25 Mar 2019

Image Source: Houston Chronicle
PAO TMK announced last week that it has signed the Stock Purchase Agreement with Tenaris, a manufacturer of seamless and welded pipe, for the sale of 100% of the shares of IPSCO Tubulars Inc for an aggregate, cash free, debt-free price of USD 1,209 million, which includes USD 270 million of working capital. The completion of the transaction is subject to the fulfillment of the conditions precedent in accordance with the Stock Purchase Agreement including, inter alia, the obtaining of all necessary permissions and approvals.

Dmitry Pumpyanskiy, Chairman of TMK, said “TMK Board and management are pleased with this transaction. It is in line with our strategy, which underlines, among other things, monetization of our international assets. The terms of this transaction would represent a significant enhancement of the value for all TMK shareholders.”

TMK was advised on this transaction by BTIG LLC

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Posted By : Rabi Wangkhem on Mon, 25 Mar 2019
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