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PGS and TGS receive final competition clearance - merger conditions satisfied


11 Jun 2024

Photo - see caption
Photo - see caption

Reference is made to the joint stock exchange announcement on 18 September 2023 by PGS and TGS regarding the combination of the two companies to establish the premier energy data company, as well as subsequent announcements on 25 October 2023 and 1 December 2023 regarding, respectively, the execution of the definitive merger agreement and approval by the extraordinary general meetings.

Reference is further made to the announcement on 17 April 2024, where the parties confirmed clearance by the Norwegian Competition Authority and gave an update on the approvals process in the UK.

PGS and TGS are now pleased to confirm that also the UK Competition and Markets Authority (CMA) has completed its review and provided its unconditional clearance of the transaction.

The clearance from the CMA was the final regulatory approval required. The parties confirm that all conditions for completing the Merger have been satisfied and will work towards completion of the Merger on 1 July 2024 as previously communicated.

Further information in this respect and key dates for completion of the Merger will be provided in due course.

Kristian Johansen, CEO of TGS comments: 'TGS is pleased to note that all conditions for the merger have been fulfilled now that we have received CMA clearance. We look forward to completing the merger on 1 July 2024 and bringing the strength and breadth of our combined service offerings to the market.'

Rune Olav Pedersen, President & CEO of PGS comments: 'With clearance from the CMA, all merger conditions are satisfied. I believe that the merger will benefit all stakeholders. The combined company will provide a more complete and diversified geophysical offering to customers, more opportunities for employees and value to shareholders'.

For further information on the Merger and the complete terms and conditions for the Merger, please see the merger plan for the Merger available on www.tgs.com and www.pgs.com.

Original announcement link

Source: PGS





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