Compagnie Générale de Géophysique (CGG), Massy, France, (NYSE: GGY) has closed the acquisition of Veritas DGC Inc., Houston, (NYSE: VTS) for US$3.1 billion in cash and stock.
Veritas provides integrated geophysical information and services to the petroleum industry worldwide. The merged company has a seismic fleet of 20 vessels, including 14 high-capacity 3-D vessels, and land crews operating in both hemispheres.
CGG chairman and chief executive Robert Brunck says, "CGG-Veritas will be a leading global seismic company and the only pure-play listed investment opportunity of this scale in the seismic sector.
"Because of our many complementarities, with all its multidisciplinary and talented personnel, and the strongest asset base in the sector, the future group will constitute an excellent platform to maximize the value of our respective businesses and technologies."
The CGG board now includes both Brunck and Veritas chairman and CEO Thierry Pilenko. Credit Suisse and Rothschild were financial advisors to CGG. Goldman Sachs advised Veritas.
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