Our Houston office represented MRC Global Inc., the largest global OCTG distributor based on sales, of pipe, valves and fittings and related products and services to the energy industry, in the sale of its US OCTG business to Sooner Pipe, L.L.C., a subsidiary of Marubeni-Itochu Tubulars America, Inc.
For a total sale price of US$48 million, subject to certain adjustments, Houston-based MRC Global Inc., a Fortune 500 company, has agreed to divest its OCTG product line in an effort to reduce their exposure to upstream drilling volatility and focus on growing their higher margin product lines, particularly their valve, valve automation and instrumentation business.
The transaction, is expected to close in the first quarter of 2016, subject to customary closing conditions.
Houston partner Brian Fenske led our corporate, M&A and securities team, with assistance from Houston associates Trevor Pinkerton, Jeannie Poland and Katie Mize.
Houston senior counsel Jay Chadha provided tax support.