Ensco plc has announced the completion of its acquisition of Atwood Oceanics, Inc.
Under the terms of the merger agreement, Atwood shareholders are entitled to receive 1.60 Ensco Class A ordinary shares for each share of Atwood common stock they own. Ensco and Atwood shareholders will own approximately 69% and 31%, respectively, of the outstanding shares of the combined company. In connection with the completion of the transaction, Atwood common stock has ceased trading on the New York Stock Exchange.
Carl Trowell, Ensco’s President and Chief Executive Officer, said: “Today is an important day in our company’s history. Ensco has used timely acquisitions to grow into one of the leading offshore drilling companies, and the acquisition of Atwood is another major milestone in our progression. We are excited to complete this transaction and to welcome our new employees, customers and shareholders to an even stronger Ensco.”
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