The sale of WGP Group Ltd formed part of a wider transaction in which Magseis acquired Fairfield’s marine seismic technologies business for an approximate total consideration of US $233 million. Post-completion the business will operate under the name Magseis Fairfield. Fairfield Geotechnologies will continue to operate in the fields of data licensing and data processing.
The Payne Hicks Beach team included Corporate Partner Jonathan Gatward and Corporate Senior Associate Isobel Symonds. In relation to US, British Virgin Islands and Norwegian law matters, Fairfield instructed Thompson Hine, Maples and Calder and Schjødt respectively. Magseis instructed Watson Farley & Williams in the UK and Wiersholm in Norway.
Payne Hicks Beach previously acted for Fairfield on the acquisition of WGP Group Ltd from Thalassa Holdings Ltd (a British Virgin Islands AIM listed company).