IPSCO Inc. and NS Group Inc. jointly announced that they have entered into a definitive agreement in which IPSCO will acquire NS Group, a leading manufacturer of seamless and welded oilfield tubular goods with sales of $677 million for the 12 months ending June 30, 2006, for $66.00 per share in cash.
The transaction strategically joins complementary product lines and broadens IPSCO's energy product offering by adding NS Group's highly attractive businesses, including seamless pipe and premium oilfield services provided by Ultra, NS Group's recent acquisition. Following the transaction, the company is expected to have combined annual revenues exceeding $4 billion.
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