March 12 (Reuters) - Steelmaker ArcelorMittal said on Tuesday it will acquire a 28.4% stake in Vallourec for around 955 million euros ($1.04 billion) to increase its exposure in the steel tube sector for energy markets and industrial applications.

ArcelorMittal said it signed an agreement with funds managed by Apollo Global Management to buy 65.24 million shares in the France-based company for 14.64 euros apiece.

The Luxembourg-based holding company does not intend to launch a tender offer for Vallourec's remaining shares over the next six months, it added.

Vallourec specializes in the production of seamless and welded steel tube products for industrial applications.

($1 = 0.9152 euros) (Reporting by Shivani Tanna in Bengaluru; Editing by Krishna Chandra Eluri)