Transocean, GlobalSantaFe Combining
Transocean Inc., the world's largest offshore drilling contractor, said Monday it will combine with smaller competitor GlobalSantaFe Corp., creating a company with a full range of offshore drilling services in the world's key markets.
The deal, announced jointly by both Houston-based companies, includes a $15 billion cash payout to shareholders of both Transocean and GlobalSantaFe. Shareholders of both companies will also get shares in the new company.
The two companies estimated the value of the new company will be about $53 billion, including debt. Read more
Join the discussion below, or Read more at The Associated Press.
#1 Jul 24, 2007
This deal should make Transocean pretty powerful in the offshore oil drilling sector. Newsvisual has a post up right now that goes into how its connections to GlobalSantaFe may have been what lead to this acquisition. Here's the link to their article: http://www.newsvisual.com/newsvisual/2007/07/...
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