CGGVeritas (Paris: GA) (NYSE: CGV) has agreed to acquire Fugro’s Geoscience Division, with the exceptions of existing multi-client library and nodes, for €1.2 billion (US$1.55 billion).
The agreement includes:
· Creation of a Seabed Joint-Venture focused on the seabed acquisition market, which will be 60%-owned by Fugro after payment of €225 million (US$291.6 million) to CGGVeritas
· A commercial agreement for CGGVeritas to sell Fugro’s existing Multi-Client data, which remains owned by Fugro
· A global strategic technical and commercial mutual preferred supplier agreement.
The completion of the transaction is subject to mandatory antitrust clearances, work councils consultation processes and other customary conditions. Closing is targeted before year-end.