International steel co. Tenaris inks $1.2B deal for TMK’s U.S. subsidiary

Luxembourg-based steel pipe manufacturer Tenaris SA (NYSE: TS), which has a Houston presence, will acquire Houston-based IPSCO Tubulars Inc. from Russia-based PAO TMK, according to March 22 press releases from the companies. 

The deal is for nearly $1.21 billion on a cash-free, debt-free basis, including $270 million of working capital, per the releases. The releases did not indicate when the deal is expected to close, but the deal is subject to regulatory approvals, including approval by the U.S.…

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