The European Commission has approved, under the EU Merger Regulation, the joint control acquisition of TBX NewCo Spain S.L.U. (Spain) and TBX Upstream Seamless Pipes L.L.C. (UAE) by Spain’s Tubacex S.A. and the Mubadala Investment Company, a sovereign wealth fund owned by the Emirate of Abu Dhabi, UAE. The Commission concluded that the transaction would not raise competition concerns due to its limited impact on the European Economic Area.
Earlier this year, Tubacex announced a strategic agreement with Mubadala, under which Mubadala will acquire a 49pct stake in Tubacex’s tubular solutions business for oil and gas exploration and production (OCTG). The deal, valued at USD 150 mln, includes the investment necessary to complete Tubacex’s facility in Abu Dhabi, which specializes in finishing and threading operations for corrosion-resistant alloy (CRA) OCTG pipes.
This collaboration strengthens Tubacex’s presence in the UAE, where it is establishing its third facility for CRA OCTG finishing and threading operations. This expansion follows Tubacex’s significant commercial contract with Abu Dhabi National Oil Company (Adnoc). In 2022, Tubacex secured its largest-ever contract with Adnoc, exceeding 30,000 tons over ten years, for the supply of comprehensive gas extraction solutions in the Middle East.
Tubacex, a multinational leader in the supply of seamless stainless steel, high-nickel alloy, and nickel superalloy tubular products, is headquartered in Spain. With a global presence, Tubacex operates 20 production plants across four continents, including Spain, Austria, Italy, the USA, India, Thailand, Saudi Arabia, Dubai, Norway, Canada, Singapore, Guyana, and Kazakhstan. Additionally, the company maintains service centers and sales offices worldwide.
