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Transocean to purchase Aker Drilling for about $1.43B; will strengthen Norway position
NEW YORK (AP) ' Offshore rig contractor Transocean Ltd. says it will buy Aker Drilling for $1.43 billion to strengthen its position in Norway.
Transocean said Monday that it will pay 26.50 kroner per share ($4.81) for the company. The deal also includes $800 million in debt.
Aker Drilling runs two semi-submersible rigs on long-term contract to Statoil and Det Norske in Norway.
The bid is not subject to any financing conditions.
The offer will be on the table for 20 U.S. business days once officially sent to Aker's shareholders. It will expire after that time if the conditions of the deal are not met, or if they are waived by Transocean.
Transocean says it expects the acquisition to add to earnings immediately.
Aker's board has unanimously recommended shareholders accept the offer.