Payne Hicks Beach

Payne Hicks Beach

18 January 2019

Fairfield sale of Fairfield Seismic Technologies

Payne Hicks Beach advised Fairfield Industries Incorporated, trading as Fairfield Geotechnologies (“Fairfield”), on the sale of its UK subsidiary WGP Group Ltd to Magseis ASA, a Norwegian listed company.

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. The transaction exchanged in October 2018 and completed in December 2018. 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 Solicitor 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) in December 2018.

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