NORWAY Law and Practice Contributed by: Fredrik Lykke, Christian P. N. Fenner and Magnus Brox, Advokatfirma DLA Piper AS Norway
the shares in Retriever Aktiebolag and Infomedia A/S, concluding that the merger would significantly impede effective competition in the Norwegian market for media monitoring services. Importantly, the transac - tion was not automatically notifiable because turnover was below the statutory thresholds, but the NCA used its call-in power and imposed a filing obligation (ie, required notification). The NCA’s concern was that the parties were close competitors, and that the merger would increase concentration and weaken competi - tive constraints, including in a separate segment for public-sector customers (who often procure via ten - ders with strict minimum requirements). As a result, the NCA allowed the merger only subject to certain conditions, centred on a divestment of the Norwegian entity Infomedia Norge AS (either as a share sale or an asset sale) to an independent and suitable buyer, combined with behavioural remedies intended to ensure the divested business remains a viable com - petitor (including a five-year non-exclusive right to use the technical platform (Opoint), a five-year licence for the Infomedia trademark in Norway, continuation/ extension of certain key agreements, and obligations to keep Infomedia Norge AS operational and separate until sale completion. In May 2025, the merger between SLB (formerly known as Schlumberger Limited) and ChampionX Corporation (CHX) was approved subject to certain conditions. The NCA found that the transaction would significantly impede effective competition in Norway in the markets for permanent well monitoring and direc - tional drilling (on the Norwegian continental shelf), driven by concerns about input foreclosure involving Quartzdyne’s quartz transducers and US Synthetic’s diamond bearings. The remedy package included: (i) a five-year obligation for the merged entity to continue supplying and repairing Quartzdyne products and ser - vices to third parties for oil and gas use in Norway (with non-discrimination and information-protection safeguards); (ii) a requirement for SLB to enter into a binding technology licence/knowledge-transfer agree - ment intended to enable entry in quartz transducers supply; and (iii) a commitment to sell US Synthetic Corporation (to LongRange Capital, L.P., with fallback mechanisms if that sale did not proceed as expected). In July 2025, the NCA assessed whether key remedy instruments were in place before completion – specifi -
cally, binding supply agreements (with Baker Hughes and Weatherford) and the above-mentioned binding technology licence/knowledge-transfer agreement. The NCA approved Précis LLC as the licence taker, and approved the signed long-form supply agree - ments, concluding that these measures supported the remedy design and allowed the NCA to lift the imple - mentation ban tied to those remedy conditions with effect from the decision date. In February 2026, the NCA notified SLB of a proposed fine of NOK30 mil - lion for allegedly providing incorrect information in its merger notification. The assessments in the notice are preliminary, and no final decision has been made yet. 2.5 Labour Law Regulations Labour law regulations are quite relaxed in Norway with respect to acquisitions of Norwegian companies. Norwegian labour law has a number of provisions that give employees the right to be involved in the busi - ness (eg, the right to appoint directors to the board of a company). Such employee representatives are “true directors” who get involved when a target board gets involved in an M&A transaction. Unions are also commonplace in Norwegian companies, in particular in traditional industries. The unions do not have the right to veto or delay transactions. One thing to be aware of in relation to acquisitions and employee rights is the recent increased protec - tion afforded to employees who have been made redundant. Previous rules gave these employees a preferential right to new employment within the same company for 12 months, so long as the employee is qualified for the position, and this right was extended to work for other companies within the same group. This means that a buyer would need to handle all preferential rights affecting former employees work - ing within the entity it has acquired. Share Transactions and Bargaining Agreements In share transactions where the target company regu - larly employs at least 50 employees, the target com - pany must both inform its employees about issues of importance for the employees’ working conditions and consult with elected representatives of the employees. Collective bargaining agreements may also include information and consultation obligations.
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