MUELLER INDUSTRIES INC acquired Mueller Middle East (additional 15% interest, to 55%) for approximately $20.0 million; $15.8 million cash at closing, a transaction completed in December 2021, structured as cash. The deal was a Increased equity interest.
Mueller Middle East (additional 15% interest, to 55%) operates in Piping Systems, is based in Bahrain (Middle East and Northern Africa markets). Mueller acquired an additional 15 percent equity interest in Mueller Middle East, taking its stake to a total of 55 percent. Mueller Middle East is a Bahraini joint venture that manufactures copper tube and serves markets in the Middle East and Northern Africa.
The acquisition complements the Company's existing businesses in the Piping Systems segment.
Majority control of an established Middle Eastern copper tube producer serving MENA markets. Piping Systems segment (Mueller Middle East)
On December 7, 2021, the Company entered into an agreement providing for the purchase of an additional 15 percent equity interest in Mueller Middle East for a total of 55 percent, for approximately $20.0 million. The total purchase price consisted of $15.8 million in cash paid at closing (net of cash acquired), a gain recognized on the settlement of preexisting relationships of $2.6 million, and a contingent consideration arrangement of $1.0 million.Mueller Industries FY2021 10-K, Acquisitions note
Advisory firms were not disclosed for this transaction.