Akin Advises TGS in $865 Million Acquisition of PGS
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(London) – Akin successfully advised leading global energy data and analytics company TGS ASA (TGS) in obtaining unconditional merger control clearance from the UK Competition and Markets Authority (CMA) of its $865 million acquisition of PGS ASA (PGS).
The transaction combines the two leading suppliers of global seismic data services with complementary activities and technologies, to create a stronger geophysical data provider with a fully integrated offering across multiclient and proprietary data, streamer and ocean bottom node acquisition, imaging and data for renewable energy.
In circumstances where half of customers raised concerns about the transaction, indicating that the parties were close competitors, the Akin team worked closely with TGS to demonstrate to the CMA that the parties’ offerings were not close substitutes, that the relevant markets would remain competitive and that no competition concerns would arise on any plausible market definition (https://www.gov.uk/cma-cases/tgs-slash-pgs-uk-merger-inquiry).
Akin led on the UK and international antitrust aspects of the transaction, including working with leading competition economists CRA to guide TGS through a detailed CMA merger review.
The Akin team was led by head of international antitrust and competition Davina Garrod and supported by associate Tommi Lahtinen.
Akin is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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