Wednesday, July 9, 2008

ION to Acquire ARAM Systems Ltd. For $346M

Houston-based ION Geophysical Corp., a provider of geophysical technology and services for the oil and gas industry, announced Wednesday that it has agreed to acquire all of the outstanding shares of ARAM Systems Ltd., a supplier of cable-based seismic recording systems. ION said the deal, which also includes ARAM's affiliate company, Canadian Seismic Rentals Inc., is worth some $346 million, $275 million of which will be paid in cash. The remainder, ION noted, will be paid in ION common stock. ION added that it will finance the cash portion of the transaction with a term loan issued in conjunction with its existing credit line.