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."
Recommended Reading
Appeals Court Rules in Favor of FERC-Permitted Indiana NatGas Line
2025-01-08 - “As night follows day, an environmental challenge follows the approval of a natural gas pipeline,” a Court of Appeals, D.C. Circuit panel said in ruling in favor of a Boardwalk Pipeline expansion project.
TotalEnergies, FERC Reach Agreement in Long-Running Case
2025-01-10 - TotalEnergies will pay $5 million to settle a case where neither the company nor the government says they were wrong.
Exclusive: Arbo Monitoring Courts, Congress Amid Energy Policy Shifts
2024-12-09 - Chip Moldenhauer, CEO and founder of energy analytics company Arbo, gives insight into regulatory impacts the energy sector should watch for entering 2025, in this Hart Energy Exclusive interview.
GOP House Members Lobby for Canceled New York Pipeline Project
2024-12-06 - Republican representatives penned a letter to New York Governor Hochul, expressing criticism of the opposition to the Northern Access Pipeline.
Q&A: Making Midstream’s Case in DC
2024-11-08 - GPA Midstream Association President and CEO Sarah Miller spoke with Oil and Gas Investor on working with the industry’s needs and defending the sector in Washington, D.C.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.