The European Commission has approved the acquisition of joint control of Spain’s TBX NewCo Spain S.L.U. and the UAE’s TBX Upstream Seamless Pipes L.L.C. by Spain’s special seamless stainless steel tube producer Tubacex S.A. and the UAE’s investment company Mubadala Investment Company P.J.S.C. under the EU Merger Regulation.

According to the conclusion by the European Commission, this transaction has a limited impact on the European Economic Area and will not raise competition concerns. The announced transaction has been examined under the simplified merger review process.

The deal primarily involves the production of oil country tubular goods (OCTG) for oil and gas exploration and extraction.