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 and Head of Capital Markets and Financial Regulatory) 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 Mansoor Alhagbani and Omar Rashid and supported by Senior Associate, Rizwan Butt and Associates, Mashael Al-Shebaiky, Ahmad Al-Sadhan and Jomana Alkathiri.
AS&H in co-operation with Clifford Chance regularly advises Saudi and international clients on key corporate and ECM transactions and mandates and recently advised Bank Aljazira on a SAR3 billion capital increase through a rights issue and is advising on the capital increase by NADEC to acquire Al Safi Danone Company.