Abu Dhabi’s sovereign wealth fund, Mubadala Investment Company, has signed a deal with the Spanish company Tubacex an agreement to purchase 49% of the tubular solutions business for the exploration and production of oil and gas (OCTG). The value of the operation amounts, according to the information provided by the company to the National Securities Market Commission (CNMV) on Monday, to a total of 150 million dollars, almost 138 million euros.
Tubacex has stressed that the incorporation of strategic partners to accelerate its business and growth is one of the objectives of the strategic plan that it presented last November, in which it plans to achieve a gross operating profit (Ebitda) of more than 20% in 2027. 200 million euros and a turnover of between 1.2 and 1.4 billion euros.
In addition, he stressed that, through this operation, it consolidates its strategic presence in the United Arab Emirates, where, after its “mega commercial contract” with the emirate’s main energy operator, is building a plant for finishing and pipe threading operations for the extraction of gas as a transitional energy, which will be the group’s third plant in this region.
Pipe threading operations
The amount of the transaction will also be added to the amount corresponding to the Investment in the plant for finishing and pipe threading operations that Tubacex is building in Abu Dhabi, according to the Spanish firm, which estimates that this operation will not have any significant impact on your bottom line.
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 mean new investments” in these facilities. The Spanish company has specified that the closing of this transaction is pending obtaining the usual approvals for this type of operation, including those corresponding to the competition authorities.
Source: www.lainformacion.com
