TGS announced back in May 2019 its intention to acquire Spectrum in an all-share transaction.
Last week both companies held separate General Meetings where the proposed resolutions were agreed upon, and the acquisition was approved.
Through the merger, Spectrum will transform into a new entity called TGS NewCo.
TGS NewCo will acquire all assets, rights, and obligations of Spectrum. All employees from Spectrum will be transferred to TGS NewCo, while TGS employee’s situation will remain unchanged.
Spectrum will be dissolved and removed from the Oslo Stock Exchange, upon the completion of the acquisition.
The Board of Directors believes that a combination of the Companies’ business will lead to greater value creation compared to the Companies operating as separate entities.
Kristian Johansen, Chief Executive Officer of TGS, said “Spectrum’s portfolio will enhance TGS’ position as a leading multi-client geophysical data provider covering all mature and frontier basins. Spectrum’s extensive 2D library also furthers TGS’s data analytics strategy, where access to large amounts of data is a key success factor.”