TGS and PGS Receive Norwegian Competition Clearance for Merger
18 4월 2024 - 2:15AM
TGS and PGS Receive Norwegian Competition Clearance for Merger
OSLO, Norway (17 April 2024) -
Reference is made to the joint stock exchange announcement on 18
September 2023 by TGS ASA ("TGS" or the
"Company," OSE: TGS) and PGS ASA
("PGS," OSE: PGS) regarding the combination of the
two companies (the "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.
As further announced in the update on 14
February 2024, the Merger has been subject to review by the
competition authorities in the UK as well as in Norway.
With respect to Norway, TGS and PGS are pleased
to confirm that the Norwegian Competition Authority (the
"NCA") today has provided its clearance of the
Merger.
With respect to the UK, the UK Competition
Market Authority (the "CMA") is still in its phase
I review. The deadline for the CMA to announce clearance or phase
II review is 11 June 2024.
Kristian Johansen, CEO of TGS comments: "TGS has
had a good dialogue with the Norwegian Competition Authority since
announcement of the transaction and is pleased to have received the
required clearance today. We now look forward to receiving
clearance also from the UK authorities in due course, and moving
towards completion of the merger".
Rune Olav Pedersen, President & CEO of PGS
comments: “The Norwegian Competition Authorities decided in
mid-February to assess the TGS-PGS merger transaction in a more
detailed phase II review. Our impression is that they have done a
thorough assessment, and we are pleased they have now approved the
merger”.
On this basis, the parties continue to expect and work towards
completion of the Merger occurring during the second quarter of
2024, as previously communicated.
Completion of the Merger otherwise remains conditional on the
closing conditions described in the merger plan. The statutory
creditor notice period for the Merger has as announced expired, and
the shareholders of both parties have approved the
Merger.
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.
For more information, contact:
Sven Børre Larsen Chief
Financial Officer Email: investor@tgs.com
PGS: Gottfred Langseth CFO Email:
ir@pgs.com
Disclosure:
This information is subject of the disclosure
requirements pursuant to section 5-12 of the Norwegian Securities
Trading Act.
About TGS:
TGS provides scientific data and intelligence to
companies active in the energy sector. In addition to a global,
extensive and diverse energy data library, TGS offers specialized
services such as advanced processing and analytics alongside
cloud-based data applications and solutions.
Forward Looking Statement:
All statements in this press release other than statements of
historical fact are forward-looking statements, which are subject
to a number of risks, uncertainties and assumptions that are
difficult to predict and are based upon assumptions as to future
events that may not prove accurate. These factors
TGS ASA (TG:TGC)
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TGS ASA (TG:TGC)
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