News Summary: CGGVeritas buying Fugro division

Associated Press

THE TRANSACTION: CGGVeritas, a provider of equipment and services to oil and gas companies, is buying Fugro's geoscience unit for 1.2 billion euros ($1.55 billion).

THE REASON: The deal will expand the French company's capabilities in serving its customers in activities ranging from exploration through production. The buyout doesn't include the existing multi-client library and nodes businesses.

THE DETAILS: Both companies' boards said Monday that they have approved the buyout, which is expected to close before the end of the year. The deal is subject to antitrust clearances and consultations with work councils.

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