CGG said that Sercel, its sensing and monitoring division, has been selected as the successful bidder for the acquisition of the software business of ION Geophysical Corporation.

Sercel plans to retain all the employees related to the business to be acquired, said CGG, which is a French geoscience technology services company.

The acquisition is in connection with the recent announcement of the US chapter 11 bankruptcy process by ION Geophysical Corporation.

The deal, which is subject to approval from the bankruptcy court, regulatory approvals, and other conditions, is likely to close in Q3 or Q4 of this year.

  CGG, ION Geophysical Corporation, Sercel, USA