Deal Snapshot
OFFSHORE DRILLERS ENSCO, ROWAN CLOSE USD 12BN MERGER
Friday 12 April 2019

UK-based offshore drilling contractor Ensco plc (NYSE: ESV) and closed its merger with Texas, US-based contract drilling services provider Rowan Companies plc (NYSE: RDC) in an all-stock transaction, the company said.

Under the terms of the transaction agreement, Rowan shareholders will receive 2.215 Ensco shares for each Rowan share. Upon closing, Ensco and Rowan shareholders will own approximately 60.5% and 39.5%, respectively, of the outstanding shares of the combined entity. There are no financing conditions for this transaction. Based on the closing price of each company's shares on 5 October 2018, the estimated enterprise value of the combined company is USD 12bn.


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Details
Date Published: 12/04/2019
Target: Rowan Companies
Country: USA
Deal Size: 12bn (USD)
Sector: Petroleum/Natural Gas/Coal
Type: Merger
Financing: Stock
Status: Closed
Vendor:
Buyer: Ensco
Buyer Advisor: Morgan Stanley and Co. , HSBC Securities , Citigroup Global Markets , Gibson, Dunn and Crutcher , Slaughter and May
Comment:


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