January 3, 2020 / 7:10 AM / 2 months ago

BRIEF-Tenaris Completes Acquisition Of IPSCO Tubulars From TMK

Jan 3 (Reuters) - Tenaris SA:

* SAID ON THURSDAY CO HAS COMPLETED ACQUISITION OF IPSCO TUBULARS FROM PAO TMK

* PRICE INCLUDES ABOUT USD 220 MLN IN WORKING CAPITAL

* TENARIS WILL CONSOLIDATE IPSCO’S BALANCE SHEET IN ITS FINANCIAL STATEMENTS STARTING FROM Q1 2020

* FOLLOWING CLOSING OF TRANSACTION, PARTIES ENTERED 6-YEAR MASTER DISTRIBUTION AGREEMENT

* ACCORDING TO DISTRIBUTION AGREEMENT CO WILL BE EXCLUSIVE DISTRIBUTOR OF TMK’S OCTG AND LINE PIPE PRODUCTS IN THE U.S AND CANADA AS OF JAN. 2, 2020

Source text for Eikon:

Further company coverage: (Gdansk Newsroom)

Nuestros Estándares:Los principios Thomson Reuters
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