agreed to acquire fellow energy-industry supplier
for $2.4 billion in cash.
Including assumed debt, the transaction is worth $3.19 billion.
Tenaris will pay $65 for each share of Maverick, which closed Monday at $45.66. Maverick is based in Chesterfield, Mo., and sells welded tubular steel to the oil and natural gas industries. It employs 4,650 people and had sales of $1.8 billion in 2005.
Tenaris sells steel pipes for similar applications and had $4.41 billion in 2004 sales.
"With Maverick, we will gain full access to the energy sector in the United States and Canada," Tenaris said. "We will be able to support the growing requirements of our customers in the full range of applications from onshore shallow wells to extremely demanding deepwater wells in the Gulf of Mexico."
Said Maverick, "Maverick's success in North America complements the strength of Tenaris in international markets. Moreover, the combined entity will be able to provide a broader array of products and services to our customers, positioning us better to compete in a highly competitive marketplace. This expanded platform will benefit our employees, and represents an attractive opportunity for stockholders."