GlobalSantaFe, Transocean merger one step closer to completion; closing expected Nov. 27

By Lisa Kerner

Charlotte, N.C., Nov. 20 - The Grand Court of the Cayman Islands approved the proposed merger of GlobalSantaFe Corp. and with a wholly owned subsidiary of Transocean Inc.

The companies expect the transaction to close on Nov. 27, according to a company news release.

However, the merger is still under investigation by the Office of Fair Trading for the United Kingdom.

It was previously reported on July 23 that the boards of directors of Transocean and GlobalSantaFe unanimously approved a merger of equals 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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