MRC Global To Acquire Stream AS For Approx. $260 Mln - Quick Facts

(RTTNews) - MRC Global Inc. (MRC) Monday announced agreement to acquire Stream AS, a privately held distributor of pipe, valve and fittings, for approximately $260 million, or 1.60 billion Norwegian Kroner.

MRC Global expects to fund the acquisition of Stream through the use of MRC's existing credit facilities. The acquisition is expected to close in January 2014, subject to normal and customary closing conditions.

The Stream acquisition provides MRC Global a platform for growth in offshore applications, and complements the company's existing U.K. based, MRC Transmark valve business as well as the Stream Energy Piping business.

Additionally, MRC Global said it has acquired Flangefitt Stainless Ltd., a leading pipe, flange and fitting distributor based in Warrington, England.

Andrew Lane, MRC Global Chairman, President and CEO, commented, "These acquisitions continue our multi-year international growth strategy, complement our previous international acquisitions and are expected to allow us to achieve over $900 million in international segment revenues in 2014, with a target of over $1.0 billion in 2015.