Rowan receives clearance for Ensco merger
HOUSTON -- Rowan Companies plc has announced that it has received clearance from the United Kingdom's Competition and Markets Authority for its pending combination with Ensco plc.
As disclosed on Jan. 29, 2019, Rowan and Ensco have amended the Transaction Agreement the companies entered into on Oct. 7, 2018. Under the amended agreement, upon closing Rowan shareholders will receive 2.750 shares of Ensco for each share of Rowan they own. All other terms and conditions of the agreement remain the same.
Completion of the transaction remains subject to satisfaction or waiver of certain other conditions, including approval by the shareholders of both Rowan and Ensco along with other regulatory and court approvals.
Rowan's Court and General Meetings to approve resolutions relating to the transaction with Ensco will occur on Feb. 21, 2019.
Goldman Sachs & Co. LLC is serving as financial advisor and Kirkland & Ellis LLP is serving as legal advisor to the Company.
