TMK Completes Acquisition of Shares in ChTPZ
TMK ChTPZ PipeBusiness Turkmenistan

TMK Completes Acquisition of Shares in ChTPZ

Russian steel pipe maker PJSC TMK, which had entered into a pact for the acquisition of 86.54% of shares in PJSC ChTPZ on 9 March 2021, has

Russian steel pipe maker PJSC TMK, which had entered into a pact for the acquisition of 86.54% of shares in PJSC ChTPZ on 9 March 2021, has announced completion of acquisition. The perimeter of the transaction included production and sales and service assets, scrap procurement and processing, as well as other assets related to the activities of the pipeline division of PJSC ChTPZ. The Rimera Group's oilfield services division was not included in the deal. TMK expects to obtain significant synergies, including through optimization of capacity utilization and logistics costs, as well as expansion of the product range and growth of business operating efficiency. The owners of the remaining 13.46% of shares in PJSC ChTPZ will be offered an offer in accordance with Russian legislation.

JP Morgan, Alfa-Bank and Credit Bank of Moscow acted as financial advisors to PJSC TMK, Latham & Watkins as legal advisor, and PWC as a tax and financial advisor. On behalf of Andrey Komarov, CitiBank acted as financial advisor to the transaction, and international law firm Dentons as legal advisor.

ChTPZ Group unites enterprises and companies of ferrous metallurgy Chelyabinsk Pipe-Rolling Plant, Pervouralsk Novotrubny Plant, ChTPZ Warehouse Complex, which sells the Group's pipe products in the regions, META scrap metal procurement and processing company; enterprises for the production of trunk equipment SOT, ETERNO, MSA in Czech Republic; the oilfield service business is represented by the Rimera company.

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