Toronto, Ontario -- Energy services supplier ShawCor Ltd is to spend Euro 30 million ($36.6 million) to buy a 40-percent share in Italian pipe-coating business Socotherm SpA. At the same time, two private equity firms, 4D Global Energy Advisors of Paris, France and Sophia Capital of Buenos Aires, Argentina, will buy another 55 percent of Socotherm's shares.
Completion of the deal is subject to conditions, including approval of the Italian court supervising Socotherm's restructuring process as well as the approval of the company's creditors, said an 18 May announcement from Shaw-Cor.
Socotherm, headquartered in Vicenza, Italy, is a global pipe-coating contractor which primarily serves the oil and gas industry. The public company, listed on the Italian Stock Exchange, had revenues of Euro 137.2 million during the fiscal year ended 31 Dec 2009.
Canadian group ShawCor specialises in products and services for the oil and gas industry, in pipeline, pipe services and petrochemical and industrial segments. The company's seven divisions have more than 70 manufacturing/service sites around the world.