MRC Global entered into an agreement to acquire privately-held Stream AS for approximately USD 260M including the assumption of debt. Headquartered in Norway, Stream's 2013 revenues are estimated at USD 273M. Stream is a leading pipe, valve and fittings (PVF) distributor and provider of flow control products, solutions and services to the offshore oil and gas industry on the Norwegian Continental Shelf (NCS). The acquisition is expected to close in January 2014, subject to normal and customary closing conditions.
MRC Global expects to fund the acquisition of Stream using MRC's existing credit facilities. The selling shareholders of Stream are HitecVision and Converto Capital.