Tenaris S.A. (BIT:TEN) entered into a definitive agreement to acquire Bredero Shaw International B.V. from Shawcor Ltd. (TSX:MATR) for approximately $170 million on August 14, 2023. The company will retain all earnings from the business until the transaction closes, and upon closing, the Company expects to receive gross sale proceeds of approximately CAD 230 million at current exchange rates, on a cash-free, debt-free basis, subject to normal working capital adjustments. The transaction is subject to regulatory approvals in Mexico and Norway. As on November 27, 2023, Norwegian and Mexican antitrust approvals have been obtained. Closing is expected to be completed within approximately six months. As of November 14, 2023, the transaction is expected to close to close by the middle of the first quarter of 2024. As on November 27, 2023, the transaction is expected to close this transaction within the coming weeks. Goldman Sachs & Co. LLC served as the Shawcor's exclusive financial advisor for this transaction. Diego Parise, Mercedes Rodríguez Giavarini, Aixa Sureda, Felicitas De Achaval, Esteban Valansi and Ignacio Bérèterbide of Mitrani, Caballero & Ruiz Moreno acted as legal advisor to Tenaris S.A. (BIT:TEN).

Tenaris S.A. (BIT:TEN) completed the acquisition of Bredero Shaw International B.V. from Shawcor Ltd. (TSX:MATR) for approximately $180 million on November 30, 2023. Under the terms of agreement, consideration is including estimated working capital and $16.9 million in cash. As part of the transition, Tenaris will honor all existing Shawcor commitments.