Saudi Pipe Company announces acquisition of an additional 22.27% participation in Global Pipe by USD 6.3 million

Saudi Steel Pipe Company (SSP) announced the completion of its acquisition of an additional stake in Global Pipe Company (GPC), previously announced on Dec. 7, 2022. Pursuant to the transaction closed on May 17th, 2023, after-market closure, SSP acquired from EEW Holding GMBH & Co KG (EEW) a 22.27% interest in GPC for an amount of USD 6.3 Million in cash and now holds a 57.27% participation in GPC.

SSP also assumed a corresponding portion of EEW’s guarantees with respect to GPC’s financial debt. SSP will consolidate GPC’s balance sheet and results of operations as of May 17th, 2023.

SSP is committed to acquiring any other EEW shares in GPC that other shareholders elect not to acquire.