Brief: Noble Corporation To Acquire Diamond Offshore Drilling

Diamond Offshore Drilling

10/06/2024 07:05

June 10 (Reuters) - Noble Corporation Plc  NE.N :
    * ANNOUNCES AGREEMENT TO ACQUIRE DIAMOND OFFSHORE DRILLING,
INC.
    * NOBLE CORPORATION - DIAMOND SHAREHOLDERS WILL RECEIVE
0.2316
SHARES OF NOBLE, PLUS CASH CONSIDERATION OF $5.65 PER SHARE FOR
EACH SHARE OF DIAMOND STOCK
    * UPON CLOSING, DIAMOND SHAREHOLDERS WILL OWN APPROXIMATELY
14.5%
OF NOBLE'S OUTSTANDING SHARES
    * DIAMOND SHAREHOLDERS WILL RECEIVE 0.2316 SHARES OF NOBLE,
PLUS
CASH CONSIDERATION OF $5.65 PER SHARE FOR EACH SHARE
    * NOBLE BOARD OF DIRECTORS WILL BE EXPANDED TO INCLUDE ONE
MEMBER
FROM DIAMOND BOARD
    * IMPLIED CASH AND STOCK CONSIDERATION TO BE RECEIVED BY
DIAMOND
SHAREHOLDERS IS $15.52 PER SHARE
    * NOBLE: ITS BOARD OF DIRECTORS HAS APPROVED 25% INCREASE IN
ITS
QUARTERLY DIVIDEND TO $0.50 PER SHARE, STARTING WITH DIVIDEND TO
BE PAID IN Q3 OF 2024.
    * TRANSACTION HAS BEEN UNANIMOUSLY APPROVED BY BOARD OF
DIRECTORS
OF EACH COMPANY.
    * NOBLE - INTENDS TO FUND CASH PORTION OF TRANSACTION
THROUGH NEW
DEBT FINANCING SECURED THROUGH A $600 MILLION COMMITTED BRIDGE
FINANCING FACILITY
    * TRANSACTION IS SIGNIFICANTLY AND IMMEDIATELY ACCRETIVE TO
NOBLE'S FREE CASH FLOW PER SHARE
    * DEAL REPRESENTING $600 MILLION TOTAL CASH PAID TO DIAMOND
SHAREHOLDERS ON A FULLY-DILUTED BASIS
    * NOBLE EXPECTS TO REALIZE ANNUAL PRE-TAX COST SYNERGIES OF
$100
MILLION, WITH 75% EXPECTED TO BE REALIZED WITHIN ONE YEAR OF
CLOSING

Source text for Eikon:  ID:nPn91rBga 
Further company coverage:  NE.N 

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