TGS ASA (OB:TGS) agreed to acquire Certain Assets of ION Geophysical Corporation (OTCPK:IOGP.Q) on July 1, 2022. The target will include all of IONÆs global offshore multi-client data library and IONÆs data processing and imaging capabilities and intellectual property. TGS ASA has been named a successful bidder in the auction process.

TGS intends to employ a number of the ION employees associated with the acquired businesses.áTGS will fund the transaction from its current cash holding. The revenues associated with the acquired assets were in excess of $86 million in 2021. The transaction is subject to the approval of the United States Bankruptcy Court for the Southern District ofáTexasáat a hearing currently scheduled forá18 July 2022, as well as other customary closing conditions.

Assuming court approval is received as anticipated, TGS expects to close the transaction in late July.