pipe Metallurgical Company (TMK) announced that it completed the sale of 100% of shares of IPSCO Tubulars Inc. Tenaris.
the transaction Price under the contract of sale concluded on 22 March 2019 was 1 209 million U.S. dollars excluding cash and debt on the balance sheet, but included a $ 270 million US in working capital.
following the closing of the transaction both parties entered into a General agreement for six years, according to which, starting on 2 January 2020, Tenaris will act as the exclusive distributor of OCTG and line pipe TMK in the USA and Canada.
"We are delighted with the successful completion of the sale of 100% of shares of IPSCO. It was implemented in the framework of TMK's development strategy and create additional value for shareholders. The funds will provide financial stability and further development", — said the Chairman of the Board of Directors of TMK Dmitry Pumpyansky.
Financial Advisor on the transaction was made by BTIG, LLC, a legal adviser to the transaction on the part TMK — Latham & Watkins LLP.
TMK has completed the sale of 100% of shares of IPSCO Tubulars Inc. Tenaris
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