September 4, 2018 / 10:45 AM / 3 months ago

Transocean to buy Ocean Rig in $2.7 bln deal

Sept 4 (Reuters) - Drilling rig contractor Transocean Ltd said on Tuesday it would acquire Ocean Rig UDW Inc in a cash-and-stock deal valued at about $2.7 billion, including debt.

Transocean will pay 1.6128 newly issued shares and $12.75 in cash for each share of Ocean Rig’s common stock for a total implied value of $32.28 per Ocean Rig share, which represents a premium of 19.2 percent to the stock’s Friday’s close. (Reporting by Karan Nagarkatti in Bengaluru)

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