Mubadala Investment Company PJSC signed an agreement to acquire 49% stake in Tubular Solutions Business in Abu Dhabi from Tubacex, S.A. for approximately ?140 million.

Mubadala Investment Company PJSC signed an agreement to acquire 49% stake in Tubular Solutions Business in Abu Dhabi of Tubacex, S.A. from Tubacex, S.A. (BME:TUB) for ?140 million on May 20, 2024. The consideration consists of ?137.9 million in cash. As part of the consideration, ?137.9 million was paid towards assets.

Mubadala will also partly invest in the new plant for pipe finishing and threading operations, which Tubacex is building in Abu Dhabi. At the same time, Tubacex has highlighted that this operation will boost the activity of the group?s plants, including those located in the Basque Country, and ?could involve new investments? in these facilities.

Tubacex has specified that the closing of this transaction is pending obtaining the usual approvals in this type of operations, including that corresponding to the competition authorities.