The European Commission has announced that it has approved the acquisition of joint control of Spain-based TBX NewCo Spain S.L.U. and the UAE-based TBX Upstream Seamless Pipes L.L.C. by Spanish seamless stainless steel pipe producer Tubacex S.A. and the UAE-based sovereign wealth fund Mubadala Investment Company.
According to its statement, after concluding that the transaction would not raise competition concerns given the companies’ limited market positions in the EU as a result of the proposed transaction, the EC decided to approve the deal.
In May this year, Tubacex had signed an agreement with the Mubadala for the sale of a 49 percent stake in its tubular solutions business for oil and gas exploration and production of oil country tubular goods (OCTG), as SteelOrbis reported previously.