STATS (UK), the Aberdeenshire-based engineering services company, has been acquired by Japanese listed company Mitsui & Co.

The acquisition combines the Kintore business with Mitsui’s iron & steel business unit and is expected to complete during the summer.

It follows the failure of a £73.1 million acquisition of STATS by Australia firm SRJ Technologies Group announced in December 2021. The deal collapsed in May last year because of “market volatility”.

Terms of the deal with Mitsui, listed on the Tokyo stock exchange, were not disclosed but private equity investor, Business Growth Fund, which has supported STATS since 2012, will realise its investment and exit the business.

Leigh Howarth, CEO, said:” “The acquisition of STATS is complementary to Mitsui’s plan to establish a strong, sustainable presence in the pipeline maintenance market as a service provider.

“Having worked with the Mitsui team for several months now, we’re delighted to be formally joining forces to pursue opportunities in both the traditional oil and gas pipeline markets and the emerging low carbon markets.

“Supported by Mitsui’s broad energy relationships and investments, we see significant growth potential for STATS from this transaction, and resultantly excellent career development opportunities for all our staff.”

Koichi Fujita, chief operating officer at Mitsui Iron & Steel, said the deal will “strengthen the value chain for its upstream oil and gas interests and businesses, particularly in the areas of CCS and hydrogen.”

Mr Howarth and all other executive at STATS will remain with the company while Pete Duguid, chairman and founder, will retire.

Mitsui is a global trading and investment company with a diversified business portfolio that spans 63 countries in Asia, Europe, North, Central & South America, the Middle East, Africa and Oceania.

Listed on the Tokyo stock exchange, the group has more than 46,000 employees with annual revenues of $107bn and total assets in excess of $115bn.