Mitsui completes acquisition of 100% shares of STATS

STATS Group announced that it has executed a Share Purchase Agreement to sell 100% of the issued share capital of the Company to 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.

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”.

STATS will continue to deliver its services, products, and solutions to customers from its existing operational bases across the globe.

For Mitsui, this transaction presents an attractive opportunity to achieve market acceleration in relation to sustainable infrastructure maintenance.

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.

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