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TGS and PGS unite in definitive merger agreement.

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Global Banking News-October 26, 2023-TGS and PGS unite in definitive merger agreement

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Norway-based energy data and analytics company TGS ASA (OSE:TGS) and offshore survey provider PGS ASA (OSE:PGS) confirmed late Wednesday that they have entered into a definitive merger agreement.

This combination is expected to establish a stronger and more diversified geophysical company and data provider to the energy industry.

The business will have a strong position in multiple verticals, including multi-client, acquisition, imaging and new energy solutions. Cost synergies exceeding USD50m annually are anticipated from the merger.

Structured as a statutory, triangular merger involving TGS Newco AS, a wholly owned TGS subsidiary, the merger will result in TGS NewCo as the surviving entity. As merger consideration PGS shareholders will receive 0.06829 ordinary shares of TGS for each PGS share held, with future...

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