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OFS - TGS buys Spectrum for $422MM, creating seismic leader - May 2019



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Norway-based TGS-NOPEC Geophysical Co. struck a $422 million (NOK3.67 billion) deal to acquire Oslo-listed peer Spectrum, creating a leading global provider of 2D and 3D seismic data. TGS will issue 0.28 of its shares for each Spectrum share and pay $0.27 multiplied by the exchange ratio in cash, implying a transaction share price of NOK61.9 per Spectrum share, representing a 10.2% premium based on the May 2 closing price. In total, TGS will issue 16.6 million shares representing a 13.9%......
 
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