CGG:Sercel Selected as the Successful Bidder for the Acquisition of ION Software Business

Rhea-AI Summary

CGG has announced that its Sensing & Monitoring division, Sercel, has successfully acquired the software business of ION Geophysical Corporation, which is undergoing Chapter 11 bankruptcy. The acquisition aims to retain all employees associated with ION's software operations. The deal is contingent on bankruptcy court approval and other regulatory approvals and is expected to close in Q3 or Q4 2022. This move may bolster CGG's market position and expand its technology offerings in Earth science.

Positive

• Acquisition of ION's software business may enhance CGG's technological capabilities.
• Retention of all employees could facilitate smoother integration and operational continuity.

Negative

• Dependence on bankruptcy court approval exposes CGG to potential delays.
• Integration challenges may arise from merging ION's software operations into CGG.

Paris, France – July 4, 2022

CGG announced today that Sercel, its Sensing & Monitoring division, was selected as the successful bidder for the acquisition of ION Geophysical Corporation’s (“ION”) software business.

Sercel intends to keep all employees associated with this business.

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 2022.

About CGG

CGG (www.cgg.com) is a global technology and HPC leader that provides data, products, services and solutions in Earth science, data science, sensing and monitoring. Our unique portfolio supports our clients in efficiently and responsibly solving complex digital, energy transition, natural resource, environmental, and infrastructure challenges for a more sustainable future. CGG employs around 3,300 people worldwide and is listed on the Euronext Paris SA (ISIN: 0013181864).

Contacts

Group Communications & Investor Relations Christophe Barnini Tel: + 33 1 64 47 38 11 E-Mail: christophe.barnini@cgg.com

 

Attachment

• Sercel Selected as the Successful Bidder for theAcquisition of ION Software Business

FAQ

What acquisition did CGG announce on July 4, 2022?

CGG announced the acquisition of ION Geophysical Corporation’s software business by its Sensing & Monitoring division, Sercel.

What is the expected timeline for closing the CGG-ION acquisition?

The acquisition is expected to close in the third or fourth quarter of 2022, subject to bankruptcy court and regulatory approvals.

How many employees will CGG retain from ION's software business?

CGG intends to retain all employees associated with ION's software business as part of the acquisition.

Why is ION Geophysical Corporation selling its software business?

ION is undergoing a Chapter 11 bankruptcy process, which has led to the sale of its software business.