Tenaris, a manufacturer and supplier of steel pipes and related services, completed the acquisition of IPSCO Tubulars, a producer and supplier of seamless and welded oil country tubular goods, from TMK, a global manufacturer and supplier of steel pipes for the oil and gas industry, for $1.2bn. In connection with the closing of the transaction, the parties entered into a 6-year master distribution agreement whereby, beginning on January 2, 2020, Tenaris will be the exclusive distributor of TMK’s OCTG and line pipe products in the United States and Canada. “With IPSCO, we will be able to strengthen our Rig Direct® offering with shorter lead times and more responsive service capabilities. We look forward to integrating IPSCO’s team and serving our customers more efficiently,” Paolo Rocca, Tenaris Chairman and CEO.