Ensco and Rowan Merger Given Final Approval
More than four months after originally announcing their plans to merge, offshore drilling contractors Ensco plc and Rowan Companies plc Rowan Companies plc have been given the final green light.
In a joint announcement Thursday, shareholders for both companies voted to approve the all-stock transaction under which Rowan shareholders will receive 2.75 Ensco shares for each Rowan share they own.
“We are pleased that Rowan shareholders overwhelmingly support the pending combination with Ensco and have voted to approve the transaction,” Rowan CEO Tom Burke said in a release. “Combining our organizations will enable Rowan and Ensco shareholders to participate in the substantial value creation opportunities of a larger, more technologically-advanced and diverse offshore drilling company.”
Ensco CEO Carl Trowell added, “We are gratified that Ensco shareholders recognize the strategic and financial merits of our pending combination with Rowan. The combined company will be an industry leader in offshore drilling across all water depths…”
The merger is expected to be completed in the first half of 2019.
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