TGS-Nopec gets US clearance to acquire Parallel Data Systems |
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Published
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Fri, 04 May 2007 14:57
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OSLO (Thomson Financial) - Norwegian seismic survey group TGS-Nopec Geophysical said it had been given the green light from US authorities for its takeover of US sector rival Parallel Data Systems (PDS) in a cash-and-share deal.TGS said in a statement that it had received clearance from the US Federal Trade Commission to buy PDS.The transaction has been approved by the boards of both companies and final closing of the deal is now expected next week.TGS-Nopec, which supplies surveys to the energy industry, will pay 60 mln usd in cash and another 12.5 mln usd in shares of the Norwegian group.PDS, which has offices in Texas, last year posted pretax profit of 11.7 mln on sales of 17.5 mln.patrick.mcloughlin@thomson.compm/sljCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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TGS-Nopec to acquire US rival Parallel Data for 72.5 mln usd in cash, shares 