STATS (UK) Ltd (STATS or the Company) today announced that it has executed a Share Purchase Agreement to sell 100% of the issued share capital of the Company to Mitsui & Co., Ltd. (Mitsui).
The acquisition combines Aberdeenshire-headquartered STATS with Mitsui’s Iron & Steel Business Unit, with the closing of the transaction expected in the summer subject to the satisfaction of regulatory competition approvals.
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STATS, a market leader in the provision of innovative, technology-led pressurised pipeline integrity solutions, including its BISEP® and Tecno Plug® products, will help progress Mitsui’s medium term management plan for “transformation and growth”.
“The acquisition of STATS is complementary to Mitsui’s plan to establish a strong, sustainable presence in the pipeline maintenance market as a service provider,” said Leigh Howarth, CEO of STATS.
“Having worked with the Mitsui team for several months now, we’re delighted to be formally joining forces to pursue opportunities in both the traditional oil and gas pipeline markets and the emerging low carbon markets.”
STATS will continue to deliver its services, products and solutions to customers from its existing operational bases across the globe.
“Supported by Mitsui’s broad energy relationships and investments, we see significant growth potential for STATS from this transaction, and resultantly excellent career development opportunities for all our staff,” continued Howarth.
For Mitsui, this transaction presents an attractive opportunity to achieve market acceleration in relation to sustainable infrastructure maintenance.
“Under its Medium-term Management Plan, Mitsui is aiming to work toward a global energy transition by providing optimal solutions through business,” said Koichi Fujita, Chief Operating Officer of Mitsui Iron & Steel.
“Utilising the equipment and services provided by STATS, Mitsui will also work to strengthen the value chain for its upstream oil and gas interests and businesses, particularly in the areas of CCS and hydrogen.”
Leigh Howarth and all other executive members of STATS will remain with the Company upon completion of the transaction, whilst Pete Duguid, Chairman and founder of STATS, will retire.
The private equity investor, Business Growth Fund, which has supported STATS since 2012, will realise its investment and exit the business.