On December 16, 2024, MRC Global Inc. (NYSE: MRC), through its subsidiary MRC Global (Canada) ULC, entered into a definitive agreement to sell its Canada operations to Emco Corporation. The transaction aligns with MRC Global’s strategy to focus on core geographies and product lines, enhancing adjusted gross and EBITDA margins. A pre-tax, non-cash loss on discontinued operations of approximately USD 25 million is expected to be recorded in Q4 2024, with the sale anticipated to close in the first half of 2025, pending customary conditions and Canadian regulatory approval. MRC Global plans to use the sale proceeds to reduce debt.

Canadian Imperial Bank of Commerce (CIBC) served as financial advisor to MRC Global. Norton Rose Fulbright provided legal counsel to MRC Global, while McCarthy Tétrault LLP acted as legal advisor to Emco Corporation.