Italian-Argentine steel tube maker Tenaris has acquired a 77.45% holding in Indonesian casing and tubing processor company PT Seamless Pipe Indonesia Jaya (SPIJ) for US$72.5 million.
Tenaris’ Singapore subsidiary Tenaris Global Services Far East acquired SPIJ, which has an annual processing capacity of 120,000 tons, on April 29 from Bakrie & Brothers TbK, Green Pipe International and Cakrawala Baru.
A White & Case team led by Singapore-based partner William Kirschner represented the sellers alongside a Raniwati Malik-led team from Indonesian firm Malik Stamboel & Associates.
Tenaris sought counsel from Argentine firm Mitrani Caballero Ojam, led by partner Christian JP Mitrani, and Indonesian firm Hiswara Bunjamin & Tandung, led by partner Santi Darmawan.