Ensco To Acquire Atwood In All-stock Deal - Quick Facts

(RTTNews) - Ensco plc (ESV) and Atwood Oceanics, Inc. (ATW) announced a definitive merger agreement under which Ensco will acquire Atwood in an all-stock transaction. The merger agreement was unanimously approved by each company's board. Atwood shareholders will receive 1.60 shares of Ensco for each share of Atwood common stock for a total value of $10.72 per Atwood share. Upon close of the transaction, Ensco and Atwood shareholders will own approximately 69% and 31%, respectively, of the outstanding shares of Ensco plc. Ensco shares will continue to trade on the NYSE under the symbol, ESV.

Ensco expects to realize annual pre-tax expense synergies of approximately $65 million for full year 2019 and beyond. The combination is expected to be accretive on a discounted cash flow basis.

Ensco's executive management will continue with Carl Trowell as President and CEO, Carey Lowe as Executive Vice President and Chief Operating Officer, and Jon Baksht as Senior Vice President and CFO. Ensco plc's Chairman will continue to be Paul Rowsey and the board of directors will include Carl Trowell, plus two members from Atwood's current board effective at closing.