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Ensco and Rowan Companies to combine in $12 billion deal

Staff Writer | October 8, 2018
Ensco and Rowan Companies said they have agreed to combine in an all-stock deal with an enterprise value of $12 billion.
Rowan Companies
Merger   Rowan shareholders will receive 2.215 Ensco shares
Under the terms of the deal, Rowan shareholders will receive 2.215 Ensco shares for each Rowan share. The combined company expects to achieve annual pretax synergies of about $150 million.

The deal is expected to boost cash flow per share in 2020 and to close in the first half of 2019. The new company will be a leading player in offshore drilling with a diverse customer base that includes most of the big offshore reserve holders, the companies said in a joint statement.