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In yet another stock-and-cash deal this year in the energy sector, Sugar Land-based Noble Corp. plans to purchase Houston-based Diamond Offshore Drilling by paying a premium of 11.4% per share. When the deal closes, Diamond shareholders will own 14.5% of Noble’s outstanding shares.
In a Q&A with The Lawbook, Willding describes recent deals he has handled, elaborates on a “significant pickup” in middle-market M&A deals, and identifies other trends he is observing
The ongoing once-in-a-generation wave of oil & gas consolidation has gained serious momentum, as witnessed by the $22.5 billion merger agreement reached last week between ConocoPhillips and Marathon Oil. What's driving it? The Roundup's Claire Poole tops off her weekly summary of Texas-related dealmaking with a roundup of factors behind the recent proliferation of big energy deals, and takes a bonus look at the prospect that they could lead to more.
The garbage giant tapped Vinson & Elkins and Baker Botts and the target used Latham & Watkins. The deal is expected to broaden the scope of the Houston-based buyer's service offerings.
ConocoPhillips has agreed to acquire Marathon Oil for $22.5 billion in an all-stock deal, which includes $5.4 billion of net debt and offers Marathon shareholders a 14.7% premium. The merger is expected to generate $500 million in savings in its first year and significantly boost ConocoPhillips' U.S. onshore portfolio. Pending regulatory approval, the deal is anticipated to close in the fourth quarter, furthering the consolidation trend in the energy sector as companies seek to enhance reserves and cut operating costs.
We’re more used to writing about semiconductor chips than corn chips, but this week the CDT has the pleasure of highlighting the ones you stick in salsa. Yes, it’s a PE deal involving one of our favorites, And you can enjoy it alongside our usual review of last week’s dealmaking.
Stephen M. Boone, Jr. brings “strong industry knowledge and significant corporate experience in the upstream and midstream sectors” to Sidley. In January, Boone helped guide Talos Energy in its $1.29 billion acquisition of QuarterNorth.
Michael Overstreet, who practiced for the last eight years at Chamberlain Hrdlicka, said the “stars aligned” for a move to Gray Reed. The lawyer and CPA has worked on three deals recently that are indicative of a trend he is seeing in his practice.
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