HOUSTON – Ensco is buying Houston’s Atwood Oceanics for about $840 million in an all-stock deal. The move will give the combined offshore-drilling companies a stock market value of nearly $3 billion.
The London-based company is buying Atwood for $10.72 per share, a 33 percent premium from its $6.70 per share value on May 26.
Atwood has cut its workforce by about 60 percent in two years, from nearly 2,000 workers to just more than 800.
Ensco was founded in Dallas but moved its headquarters to London in 2009 largely for tax purposes. Shortly after, Ensco moved its remaining operational headquarters from Dallas to Houston.
The deal could close as soon as the third quarter.
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