Clifford Chance
AS&H in co-operation with Clifford Chance advises Tenaris KSA on the acquisition of 47.79% of the share capital of Saudi Steel Pipe Company
7 October 2018
AS&H in co-operation with Clifford Chance advises Tenaris KSA on the acquisition of 47.79% of the share capital of Saudi Steel Pipe Company
The transaction represents one of the first private sale transactions under the updated M&A Regulations of the Capital Market Authority.
Abuhimed AlSheikh AlHagbani Law Firm (AS&H) in co-operation with Clifford Chance advised Tenaris KSA on the acquisition of 47.79% of the shares of Saudi Steel Pipe Company (SSPC) for approximately US$144 million.
Tenaris is a leading global supplier of steel tubes and related services for the world’s energy industry and certain other industrial applications. Tenaris has been committed to Saudi Arabia’s oil and gas industry, serving Saudi Aramco for decades. Since its first industrial activity in 2010, Tenaris has continuously invested to expand its local operations, supporting the industrialization of the country.
SSPC’s facilities are in the Eastern Province of the Kingdom of Saudi Arabia and have a manufacturing capacity of 360,000 tons per year. The company started its operations in 1980 and serves energy, industrial and commercial segments. It is qualified to supply products with major national oil companies in the region, including Saudi Aramco.
The transaction is subject to regulatory approvals and other customary conditions and is expected to close in the first quarter of 2019.
Mansoor Alhagbani (AS&H Partner, Head of Capital Markets, Riyadh) commented: “This work reflects our strong corporate M&A practice in Saudi Arabia, and bolsters AS&H's position as the market-leading law firm in Saudi Arabia". Omar Rashid (Clifford Chance Partner seconded to AS&H and AS&H Co-Head of Corporate) remarked: "We are proud to have successfully supported Tenaris on this key acquisition in a strategic market for them.”
The team was co-led by Omar Rashid and Mansoor Alhagbani and supported by Rizwan Butt (Clifford Chance Senior Associate, seconded to AS&H), Mashael Al-Shebaiky (AS&H Associate), Ahmad Al-Sadhan (AS&H Associate) and Jomana Alkathiri (AS&H Associate).
