TS Tenaris

   By Bowdeya Tweh 
 

Tenaris SA (TEN.MI) said Tuesday it reached a deal to buy a roughly 48% stake in Saudi Steel Pipe Co. (1320.SA) for $144 million.

With its purchase of a significant stake in Saudi Steel Pipe, a welded-steel-pipe producer, Tenaris said it expects to expand its industrial presence in Saudi Arabia and the range of products it supplies to Saudi Arabian Oil Co., the country's state oil company.

The deal is subject to regulatory approval, which includes the Capital Market Authority of Saudi Arabia. The transaction is expected to close in the first quarter of 2019.

Write to Bowdeya Tweh at bowdeya.tweh@wsj.com

(END) Dow Jones Newswires

September 25, 2018 17:26 ET (21:26 GMT)

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