TGS and Spectrum fulfill all merger conditions

All conditions for the merger between two Norwegian seismic companies, TGS-NOPEC and Spectrum, have now been fulfilled. 

The two companies agreed to merge back in early May 2019 their directors approved and decided upon a final merger agreement and merger plan later that month.

At their respective extraordinary general meetings, shareholders of both companies approved the merger in late June.

According to the EGM minutes shared by Spectrum, 78.05 percent of Spectrum shareholders voted in favor of the merger, with 21.05% voting against. It was agreed for Spectrum to be dissolved and removed from the Oslo Stock Exchange upon completion of the merger.

On Wednesday, August 7 TGS said that all conditions for the merger had been fulfilled and the parties had declared the transaction unconditional.

Last day of trading in Spectrum shares on Oslo Børs and the effective date of completed merger are both scheduled for August 14, 2019.

Finally, first day of trading in combined company is set for August 15.

Offshore Energy Today Staff

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