This excerpt taken from the TS 20-F filed Jun 30, 2009.
Tenaris to acquire control of Seamless Pipe Indonesia Jaya
Tenaris has signed an agreement to acquire from Bakrie & Brothers TbK, Green Pipe International Limited and Cakrawala Baru a 77.45% holding in Seamless Pipe Indonesia Jaya (SPIJ), an Indonesian OCTG processing business with heat treatment and premium connection threading facilities, for a purchase price of $73.5 million, with $24.9 million being payable as consideration for SPIJs equity and $48.6 million as consideration for the assignment of certain sellers loan to SPIJ. SPIJ has an annual processing capacity of 120,000 tons and has had a commercial alliance with Tenaris for more than a decade. SPIJ employs around 500 persons and had revenues of approximately $140 million in 2008.
The acquisition is subject to customary conditions, including regulatory approval and compliance with certain minority shareholder rights.