Green Light for Magseis – Fairfield Deal
Norwegian seabed seismic services player Magseis has gained competition clearance from the Federal Trade Commission and the Antitrust Division of the United States Department of Justice to acquire the Seismic Technologies business from Fairfield.
The acquisition comprises data acquisition, nodal and system sale & rental activities including all shares in Fairfield’s wholly owned UK subsidiary WGP Group.
The consideration in the transaction comprises a combination of cash, Magseis shares, warrants and an earn-out payment, with the agreed purchase price based on an enterprise value of approximately USD 233 million.
The transaction now remains conditional upon Magseis being able to raise the required funds, and the Extraordinary General Meeting of Magseis passing the resolutions on 12 December 2018 or shortly thereafter.
Completion of the transaction is expected to occur on or about 19 December 2018.
As reported earlier, the transaction does not include the data licensing or data processing business of Fairfield.
The combined organization will comprise approximately 430 full-time employees and be structured in three business areas: Eastern Hemisphere Operations (Headquarters in Oslo, Norway); Western Hemisphere Operations (Headquarters in Houston, USA); and Technology.