Sercel, CGG’s Sensing & Monitoring division, has been selected as the successful bidder for the acquisition of ION Geophysical’s software business.
Sercel said it plans to keep all employees associated with the business.
According to the company, the acquisition is in connection with ION’s recently announced U.S. chapter 11 bankruptcy process.
The closing of the transaction is subject to approval by the bankruptcy court and other customary conditions, including regulatory approvals.
The acquisition is expected to close in the third or fourth quarter of this year.
At the end of 2021, ION Geophysical received a written notice from the New York Stock Exchange (NYSE) that it is not in compliance with the continued listing standards.
According to the standards set forth in Section 802.01B of the NYSE Listed Company Manual, the Texas-based company is considered below the criteria because its average market capitalization has been less than $50 million over a consecutive 30 trading-day period.
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