Abuhimed AlSheikh AlHagbani Law Firm (AS&H) in co-operation with Clifford Chance advised Tenaris KSA on the acquisition of 47.79% of the shares of Saudi Steel Pipe Company (SSPC) for approximately US$144 million.
Tenaris is a leading global supplier of steel tubes and related services for the world’s energy industry and certain other industrial applications. Tenaris has been committed to Saudi Arabia’s oil and gas industry, serving Saudi Aramco for decades. Since its first industrial activity in 2010, Tenaris has continuously invested to expand its local operations, supporting the industrialization of the country.
SSPC’s facilities are in the Eastern Province of the Kingdom of Saudi Arabia and have a manufacturing capacity of 360,000 tons per year. The company started its operations in 1980 and serves energy, industrial and commercial segments. It is qualified to supply products with major national oil companies in the region, including Saudi Aramco.
The transaction is subject to regulatory approvals and other customary conditions and is expected to close in the first quarter of 2019.
Mansoor Alhagbani (AS&H Partner, Head of Capital Markets, Riyadh) commented: “This work reflects our strong corporate M&A practice in Saudi Arabia, and bolsters AS&H's position as the market-leading law firm in Saudi Arabia". Omar Rashid (Clifford Chance Partner seconded to AS&H and AS&H Co-Head of Corporate) remarked: "We are proud to have successfully supported Tenaris on this key acquisition in a strategic market for them.”
The team was co-led by Omar Rashid and Mansoor Alhagbani and supported by Rizwan Butt (Clifford Chance Senior Associate, seconded to AS&H), Mashael Al-Shebaiky (AS&H Associate), Ahmad Al-Sadhan (AS&H Associate) and Jomana Alkathiri (AS&H Associate).
AS&H in co-operation with Clifford Chance regularly advises Saudi and international clients on key corporate and ECM transactions and mandates and recently advised Bank Aljazira on a SAR3 billion capital increase through a rights issue and is advising on the capital increase by NADEC to acquire Al Safi Danone Company.
For further information about AS&H in co-operation with Clifford Chance see www.ashlawksa.com.
For more information about Clifford Chance see www.cliffordchance.com.
For further information about this release contact Roshan Khan on +971 4 503 2661 or firstname.lastname@example.org
- Abuhimed Alsheikh Alhagbani Law Firm (AS&H) in co-operation with Clifford Chance is Saudi Arabia's leading law firm. It commenced operations in November 2016 and delivers world class legal services in the Kingdom of Saudi Arabia. AS&H in co-operation with Clifford Chance has had a long term presence in the market: between 2014 – 2016 as Clifford Chance Law Firm in Saudi Arabia; and between 1998 – 2014 as Al-Jadaan & Partners Law Firm in co-operation with Clifford Chance.
- AS&H in co-operation with Clifford Chance has eight partners (of whom three are seconded from Clifford Chance), more than any other law firm in the Kingdom, offering Saudi and international clients the greatest depth of top Saudi and internationally qualified foreign lawyers as well as continuity and stability. The team's cutting edge work and commitment to clients has been consistently recognised by all the major legal directories and commentaries and the team has won more awards than any other Saudi law firm.
- Clifford Chance is one of the world's pre-eminent law firms with significant depth and range of resources across five continents. As a single, fully integrated, global partnership, we pride ourselves on our approachable, collegiate and team based way of working. We always strive to exceed the expectations of our clients, which include corporates from all the commercial and industrial sectors, governments, regulators, trade bodies and not for profit organisations. We provide them with the highest quality advice and legal insight, which combines the firm's global standards with in-depth local expertise.
- Clifford Chance was ranked 'Band 1' in more cross-border tables than any other firm in the Chambers Global 2018 Directory. This independent analysis focuses on firms' legal ability, professional conduct, client service, and commercial awareness, and these rankings provide outstanding recognition for the firm's breadth of expertise and consistency of quality across global markets.
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