ESV - Ensco Rowan Tie The Knot In An All-Stock Deal
Image: Jack-up Ensco 121. Courtesy: Ensco
Merger Thesis
Today, we learned from Offshore Energy Today the following:
Offshore drillers Ensco and Rowan have announced an all-stock merger agreement creating an offshore drilling company with 82 rigs in its fleet. Rowan CEO will serve as the chief executive of the combined company.
According to the deal, 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