London-based offshore driller Ensco to buy Rowan in $2.38bln deal | ZAWYA MENA Edition

London-based offshore driller Ensco to buy Rowan in $2.38bln deal | ZAWYA MENA Edition:

Offshore driller Ensco Plc said on Monday it plans to buy smaller rival Rowan Cos Plc in an all-stock deal valued at $2.38 billion, as it looks to expand its fleet and benefit from a partnership with Saudi Aramco.

This is Ensco's second deal since OPEC-led efforts boosted oil prices in the second half of 2016. Ensco bought rival Atwood Oceanics in a similar deal last year.

Rowan shareholders will receive Ensco shares for each share held. Following the close of the deal, Ensco shareholders will own 60.5 percent of the combined company.