CRA consultants assisted TGS and PGS, two leading suppliers of global seismic data, in obtaining unconditional global clearance of their $865 million merger.
Despite half of customers raising concerns and the majority of customers indicating that the parties were close competitors, coupled with a combined market share of up to 60%, CRA consultants worked with the merging parties to assist them in demonstrating to competition authorities that no competition concerns would arise. The parties are not close substitutes and do not compete strongly.
The transaction will combine two firms with complementary activities and technologies to create a stronger geophysical data provider with a fully integrated offering across multiclient and proprietary data, streamer and node acquisition, imaging and data for renewable energy.
CRA’s team was led by Simon Chisholm and Balázs Csullag, supported by Edoardo Salerno and Kimberley Tanos. CRA consultants worked closely with lawyers from Akin Gump Strauss Hauer & Feld (Davina Garrod and Tommi Lahtinen) and BAHR (Beret Sundet and Morten Kristiansen).
