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Getty shareholders will own about 54.7% of the combined company, which will retain the Getty name. Shares of both companies surged on the news.

Read about oil prices, Phillips 66, PTT Global Chemical and more in the latest Market Talks covering Energy and Utilities.

Read about Tesla, European airlines, Cathay Pacific and more in the latest Market Talks covering the Auto and Transport sector.

Find insight on gold prices, palm oil prices, metals demand and more in the latest Market Talks covering Basic Materials.

The bargain clothing site, which is seeking a London stock listing, declined to shed light on whether its clothing contains cotton from Xinjiang.