(RTTNews) - ION Geophysical Corp. (IO) said that it agreed to sell its 49% equity stake in INOVA Geophysical Equipment Limited for $12 million. INOVA is a land seismic equipment joint venture with BGP Inc., who owns the remaining 51%.
INOVA is a provider of land geophysical technology, including acquisition systems, source products and digital sensors. In 2014, ION wrote down its investment in INOVA to zero.
The companies anticipate closing the deal in the second half of the year, subject to regulatory approvals and other closing conditions.
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