MADRID, 20 May. (EUROPA PRESS) –
Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund, has signed an agreement with Tubacex to buy 49% of its tubular solutions business for oil and gas exploration and production (OCTG) for 150 million dollars (almost 138 million euros), as reported this Monday by the Spanish company to the National Securities Market Commission (CNMV).
The amount corresponding to the investment in the plant for finishing and threading operations that Tubacex is building in Abu Dhabi will also be added to the amount of the operation, as specified by the Spanish company, which estimates that this operation will not have any significant impact on your bottom line.
Tubacex has highlighted 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 result (Ebitda) of more than 200 in 2027. million euros and a turnover of between 1,200 and 1,400 million euros.
The Spanish company has stressed that, through this operation, it consolidates its strategic presence in the United Arab Emirates, where, after its “mega commercial contract” with the main energy operator of the emirate, it builds a plant for the finishing and threading operations of pipes for the gas extraction as transition energy, which will be the group’s third plant in this region.
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.
The Spanish company 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.