Transocean, GlobalSantaFe complete merger

By Lisa Kerner

Charlotte, N.C., Dec. 3 - Transocean Inc. and GlobalSantaFe Corp. completed their merger of equals as planned on Nov. 27, according to a form 8-K filing with the Securities and Exchange Commission.

It was previously reported on July 23 that the boards of directors of Transocean and GlobalSantaFe unanimously approved a merger of the two Houston offshore drilling contractors. Under the agreement, Transocean shareholders will receive $33.03 in cash and 0.6996 of a share of the combined company for each share of Transocean. GlobalSantaFe shareholders will receive $22.46 in cash and 0.4757 of a share of the combined company for each share of GlobalSantaFe.

The total estimated enterprise value of the combined company, to be known as Transocean Inc., will be approximately $53 billion. The Houston-based company will trade on the New York Stock Exchange under the symbol "RIG."

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