On March 22, 2019, Tenaris S.A. announced that it has entered into a definitive agreement to acquire from PAO TMK, a Russian company and steel pipe manufacturer, 100% of the shares of its wholly owned U.S. subsidiary IPSCO Tubulars, Inc., for US$1,209 million, on a cash-free, debt-free basis, assuming a normalized level of working capital of US$270 million. The closing of the transaction is subject to U.S. antitrust approval and other customary conditions.

Tenaris was represented by its long-time regular counsel Mitrani Caballero & Ruiz Moreno, with Sullivan & Cromwell LLP advising on certain New York-law related aspects of the transaction. Latham & Watkins LLP acted as counsel to the seller.

Mitrani Caballero’s corporate partner Diego Parise said, “We are excited to be helping Tenaris in this new chapter of its U.S. expansion, which will mark another key milestone in the company’s history.  The Mitrani Caballero corporate team has been advising and assisting Tenaris since its inception and public listing in 2002 and has led all of Tenaris’s M&A transactions over the past 17 years.


Tenaris is a leading global supplier of steel tubes and related services for the world’s energy industry and certain other industrial applications.

IPSCO Tubulars is a U.S. domestic producer of seamless and welded OCTG and line pipe products, with an annual production capacity of 450,000 metric tons of steel bars, 400,000 metric tons of seamless pipe and 1,000,000 metric tons of welded pipe, and production facilities spread throughout the country.