Slaughter and May is advising Ensco PLC on its proposed acquisition of Atwood Oceanics, Inc.
Slaughter and May is advising Ensco PLC (“Ensco”) on its proposed acquisition of Atwood Oceanics, Inc. (“Atwood”).
Ensco and Atwood have jointly announced their entry into a definitive merger agreement under which Ensco will acquire Atwood in an all-stock transaction. The transaction will create a combined group with an estimated enterprise value of $6.9 billion. Pursuant to the merger agreement, Atwood shareholders will receive 1.60 shares in Ensco for each share of Atwood common stock for a total value of $10.72 per Atwood share (based on Ensco’s closing share price of $6.70 on 26 May 2017). The transaction is subject to approval by the shareholders of Ensco and Atwood, as well as other customary closing conditions.
Ensco is a global provider of offshore drilling services to the petroleum industry. It is incorporated in the UK and listed on the New York Stock Exchange.
Slaughter and May and Latham & Watkins LLP are assisting the Ensco in-house team, which is led by Michael McGuinty and Davor Vukadin.