With reference to the joint stock exchange announcement on 18 September 2023 by TGS ASA and PGS ASA regarding the combination of the two companies (Merger) 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.
And with further reference to the announcement on 17 April 2024, where the parties confirmed clearance by the Norwegian Competition Authority, TGS and PGS are now pleased to confirm that also the UK Competition and Markets Authority (the CMA) has completed its review and provided its unconditional clearance of the merger transaction.
The clearance from the CMA was the final regulatory approval required and the parties are hereby confirmed that all conditions for completing the Merger have been satisfied and will henceforth 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.
“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,” Kristian Johansen, CEO of TGS, commented
“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,” Rune Olav Pedersen, President & CEO of PGS, commented.
