Driller Noble to buy Diamond Offshore for $1.6 billion

Consolidation in the oil industry continues, with offshore drilling contractor Noble Corp. on Monday announcing a cash-and-stock deal for rival Diamond Offshore Drilling.

Diamond DO shareholders will receive 0.2316 Noble shares NE and $5.65 in cash for each Diamond share, in a deal valued at $15.52 per share when using Friday’s closing price, or about $1.6 billion overall.

Source: WSJ