October 8, 2018 / 11:06 AM / 10 days ago

Offshore driller Ensco to buy Rowan in $2.38 bln deal

Oct 8 (Reuters) - Offshore driller Ensco Plc said on Monday it plans to buy smaller rival Rowan Cos Plc in an all-stock deal, valued at $2.38 billion, to expand its rig fleet.

Rowan shareholders will receive 2.215 Ensco shares for each share held. Following the close of the deal, Ensco shareholders will own 60.5 percent of the combined company. (Reporting by Shanti S Nair in Bengaluru; Editing by Shounak Dasgupta)

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