Sercel SA won the auction to acquire software business of ION Geophysical Corporation for $20 million on July 4, 2022. Sercel intends to keep all employees associated with this business. 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. Scott Sonnenblick, Jonathan Ford, Penelope Jensen, Pierre-Emmanuel Perais, John Eichlin and Michelle Lo of Lanklaters LLP acted as legal advisor to Sercel.