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Ensco Gets Saudi Regulatory Approval for Merger with Rowan Companies

Ensco announced that it has received clearance from the regulator in Saudi Arabia for its planned merger with Rowan Companies.

 

The approval came from the General Authority for Competition in the Kingdom of Saudi Arabia, Ensco, the global provider of offshore drilling services to the petroleum industry, said in a statement.

 

Last month, shareholders of both Ensco and Rowan voted to approve the pending all-stock transaction under which Rowan shareholders will receive 2.750 Ensco shares for each Rowan share they own.

 

Completion of the transaction, which is expected to occur in April, remains subject to court approval pursuant to a UK court-sanctioned scheme of arrangement and other customary closing conditions.

 

Morgan Stanley & Co. LLC is lead financial advisor to Ensco. HSBC Securities (USA) Inc. and Citigroup Global Markets Inc. also provided financial advice to Ensco. Ensco’s legal advisors are Gibson, Dunn & Crutcher LLP and Slaughter and May.

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