On April 15, 2021, Saudi Steel Pipe Company announced that it has entered into a definitive agreement with Koch Chemical Technology Group Saudi Arabia Limited for the sale of the operating assets, equipment and properties of its subsidiary, Titanium and Steel Manufacturing Co. Ltd. wholly owned by Saudi Steel Pipe Company.

The transaction price is US$9.7 million. The transaction, which is subject to certain approvals, including that of the General Competition Authority, is expected to close within the third quarter of 2021.

Saudi Steel Pipe Company was represented by Mitrani, Caballero & Ruiz Moreno. Structuring the deal through a beauty contest presented a major challenge. The firm assisted its client throughout the process, including drafting related documents, negotiation and review of the various offers, until the successful completion of the definitive agreements. Multicultural teams were involved on both the buyer's and seller's side and the transaction was completed in record time. Al Tamimi & Co. advised the buyer in the negotiation of the contract and related documents.