MRC Global (NYSE: MRC) is buying Stream AS for $260 million.
The target, headquartered in Norway, distributes and provides pipe, valve and fittings to the offshore oil and gas industry. The Stream purchase price includes debt assumption.
MRC also acquired Flangefitt Stainless Ltd., a Warrington, England-based company that provides pipe, flange and fitting services to the oil and gas industry. MRC paid $28 million for Flangefitt.
The deals fit in with MRC’s international growth strategy, the company says. Both transactions were announced Dec. 9.
Vinay Ghai and Tom Lange from Robert W. Baird advised Stream on the deal. Fried Frank Harris Shriver & Jacobson LLP acted as co-counsel to MRC Global on the Stream acquisition.