Tenaris S.A. (BIT:TEN) entered into a definitive agreement to acquire IPSCO Tubulars, Inc. from PAO TMK (LSE:TMKS) for $1.2 billion on March 22, 2019. The transaction is done on a cash-free, debt-free basis and include working capital of $270 million. The transaction is subject to regulatory approvals, including approval by the U.S. antitrust authorities, and other customary conditions.

As of December 17, 2019, U.S. Department of Justice approved the transaction. Tenaris expects to close the deal before the end of 2019. As of October 29, 2019, the transaction is expected to close in mid of December 2019.

BTIG, LLC acted as financial advisor to PAO TMK. Diego E. Parise, Juan Ignacio Soma, Lorenzo Gnecco, Felicitas de Achaval, Ignacio M. Berétèrbide, Aixa Sureda, Mariano Neme Agnesi, María Florencia García, María del Sol Dianti, María Luz Nuñez and Nicolás Mingrone of Mitrani, Caballero Rosso Alba Francia Ojám & Ruiz Moreno acted as legal advisor to Tenaris S.A. Sergio J. Galvis, Scott B. Crofton, Ronald E. Creamer Jr., Matthew M. Friestedt, Steven L. Holley and Matthew J. Brenna of Sullivan & Cromwell LLP acted as legal advisors to Tenaris S.A. Ryan J. Maierson, John M. Greer, C. Timothy Fenn, Adam L. Kestenbaum, Joel H. Mack, Jason D. Cruise, Mikhail Turetsky, William M. McGlone, Jeffrey A. Tochner, Sydney M. Smith y Yulia Dementieva, Ryan J. Lynch, Patrick Sanford, Clayton Heery, Caroline Ellerbe, Jared Grimley, Nikhil Kumar, Joshua W. Marnitz and Rachelle Polsky of Latham & Watkins LLP acted as legal advisors to IPSCO Tubulars, Inc and PAO TMK. Curtis Mo and Sidney Burke of DLA Piper acted as the legal advisor to BTIG, LLC.

Baker Botts (UK) LLP acted as a legal advisor to Tenaris S.A.