Noble's $1.6 billion acquisition of Diamond Offshore clears key antitrust hurdle

(WO) — Noble Corporation plc and Diamond Offshore Drilling Inc. announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for their pending merger. The waiting period ended on July 24, 2024.

Noble Valiant

The completion of the transaction now depends on meeting the remaining customary closing conditions, including approval from Diamond's stockholders and clearance from the Australian Competition & Consumer Commission. Diamond stockholders are set to vote on the merger on August 27, 2024, at 8:30 a.m. CDT.

On June 10, Noble Corp. agreed to acquire Diamond Offshore Drilling in a deal valued at $1.6 billion. The acquisition aligns with Noble’s strategy to enhance its portfolio with the newest deepwater rigs, reinforcing its position as the leading offshore oil-rig contractor.

The combined entity will have the largest selection of modern drillships equipped with dual blowout preventers, essential for deepwater drilling, Bloomberg reported last month. Noble will finance the cash portion of the deal with a $600 million bridge loan and plans to increase its board to include a member from Diamond. The board of Noble has also approved a 25% increase in its quarterly dividend to $0.50 per share, starting in the third quarter.