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UK-based Ensco, a global provider of offshore drilling services to the petroleum industry, said that it has received clearance from the General Authority for Competition in Saudi Arabia for its pending combination with Rowan Companies.
As disclosed on February 21, 2019, 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 is lead financial advisor to Ensco. HSBC Securities (USA) Inc. and Citigroup Global Markets also provided financial advice to Ensco. Ensco’s legal advisors are Gibson, Dunn & Crutcher LLP and Slaughter and May. – TradeArabia News Service