Ensco is acquiring U.S. offshore oil drilling company, Pride International. The U.S. offshore jack-up oil and gas well drilling corporation will pay a total of $7.3 billion for the acquisition.
As part of the agreement, Ensco will combine with Pride in a cash and stock transaction. Pride stockholders collectively will own about 38% of Ensco’s outstanding shares. The transaction, which is pending for approval by the shareholders of Ensco and Pride, is expected to close in second quarter of 2011.
Click here for the release from Pride International.