Ashurst advises Mitsui on acquisition of 100% shares of STATS
07 July 2023
Global law firm Ashurst has advised Mitsui & Co., Ltd. on the acquisition of 100% of the issued shares of STATS (UK) Ltd. ("STATS"), a company which manufactures proprietary energy pipeline repair equipment and provides engineering services worldwide. The acquisition will be completed in the summer of 2023 after the necessary approvals have been obtained.
STATS is a global player in the field of pipeline repair equipment manufacturing and engineering services, and currently has operations in nine countries. The company has carried out numerous projects for major national and international energy companies and pipeline operators in many countries worldwide.
Within the context of creating a circular economy, demand to prolong the life of ageing energy pipeline infrastructure through maintenance and repair is expected to continue to grow. While at the same time, within the framework of energy transition, the necessity to convert existing pipeline infrastructure to the supply of hydrogen, and the capturing, transportation and storage of carbon dioxide is required to support a decarbonized society. STATS is uniquely positioned to provide their products and services to support these initiatives.
Mitsui will leverage the industry knowledge, their partner and client base as well as its robust global network across the entire energy value chain to support the continued expansion of STATS' products and services offering. Through the equipment and services provided by STATS, Mitsui will also work to further strengthen the value chain for its existing upstream energy interests in the areas of CCS and hydrogen.
The Ashurst multi-disciplinary and cross-border team was led by partners Michael Burns and Quentin Robinson, supported by a core team comprising senior associate Lester Lim Kok, associates Sofia Aslam and Jan Schwarzfischer, and trainees William Morgan and Vienna Linley, with partner Steven Vaz, senior associate Adelle Elhosni and associate Letty Morris advising in respect of competition matters.
