Tenaris has entered into a definitive agreement to acquire Benteler Steel & Tube Manufacturing for an aggregate price of $460 million, on a cash-free, debt-free basis. The acquisition will include $52 million of working capital.
The transaction is subject to regulatory approvals, including approval by the US antitrust authorities, consent by Louisiana Economic Development and other local entities, and other customary conditions. Closing is expected to occur during the Q4 2022.
Benteler Steel & Tube Manufacturing Corporation is a US producer of seamless steel pipe, with an annual pipe rolling capacity of up to 400,000 metric tons at its production facility located in Shreveport, Louisiana. The acquisition would further expand Tenaris’s production range and local manufacturing presence in the US market.