The merger between PGS and TGS is expected to be complete July 1 and will establish the combined entity as a full-service geophysical data company. (Source: Hart Energy Archives, Shutterstock, TGS, PGS)
PGS and TGS’ pending merger has received its final regulatory approval from the U.K. Competition and Markets Authority (CMA), according to PGS’ June 11 press release.
The merger, announced Sept. 18, 2023, was previously cleared by the Norwegian Competition Authority on April 17.
With regulatory conditions satisfied, the merger is expected to be complete July 1 and will establish the combined entity as a full-service geophysical data company.
Once the merger is completed, TGS shareholders will earn approximately two-thirds of the combined company and PGS shareholders approximately one-third, the companies said in the deal’s initial announcement.
" I believe that the merger will benefit all stakeholders,” said Rune Olav Pedersen, president and CEO of PGS. “The combined company will provide a more complete and diversified geophysical offering to customers, more opportunities for employees and value to shareholders."
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