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Slide #54. MRC Global Inc. — Stream AS and Flangefitt Stainless Ltd.
MRC Global Inc. (NYSE:MRC)
Stream AS and Flangefitt Stainless Ltd.
MRC Global Inc. (NYSE: MRC) announced today that it has entered into an agreement to acquire privately held Stream AS for approximately $260 million (Norwegian Kroner 1.60 billion) including the assumption of debt. Headquartered in Norway, Stream's 2013 revenues are estimated at $273 million (Norwegian Kroner 1.68 billion). Stream is the leading pipe, valve and fittings (PVF) distributor and provider of flow control products, solutions and services to the offshore oil and gas industry on the Norwegian Continental Shelf (NCS), the world's largest offshore sector. The acquisition is expected to close in January 2014, subject to normal and customary closing conditions, and MRC Global expects to fund the acquisition of Stream through the use of MRC's existing credit facilities. The selling shareholders of Stream are HitecVision and Converto Capital.
MRC Global is a holding company. Through its subsidiaries, Co. is a distributor of pipe, valves and fittings (PVF) and other infrastructure products and services to the energy industry. Co. provides SKUs, including an array of PVF, oilfield supply, valve automation and modification, measurement, instrumentation and other general and specialty products. Co. provides services such as product testing, manufacturer assessments, multiple daily deliveries, volume purchasing, inventory and zone store management and warehousing, technical support, training, delivery, order consolidation, product tagging and system interfaces, and engineering of control packages and valve inspection and repair.
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Buy (3.25 out of 4)