Tenaris S.A. announced Monday that it has purchased Hydril Co. for $97 per share in a deal that analysts believe could be worth more than $2 billion.
The agreement is still subject to clearance from U.S. antitrust authorities and is expected to close in the second quarter.
“With Hydril, we will be able to offer our customers worldwide a full range of integral and coupled premium connection products for the industry’s most demanding applications,” said Paolo Rocca, Chairman and CEO of Tenaris. “The combined R&D and industrial know-how of the two companies will make a substantial contribution in the new frontiers for exploration and production.”
Hydril is a North American manufacturer of connections and pressure control products for oil and gas drilling and production. In 2006 it had revenues of $503 million.
Tenaris is a manufacturer and supplier of tubular products and services for the oil and gas industry.