Akin Gump Advises Pacific Drilling in Announced Combination with Noble Corporation
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(New York) – Noble Corporation and Pacific Drilling Company LLC announced today that they have entered into a definitive merger agreement under which Noble will acquire Pacific Drilling in an all-stock transaction. A team from Akin Gump advised Pacific Drilling in the deal.
As part of the transaction, Pacific Drilling's equity holders will receive 16.6 million shares of Noble, or approximately 24.9% of the outstanding shares of Noble at closing. Noble expects to realize annual pre-tax cost synergies of at least $30 million, and additionally, will move to dispose of the Pacific Bora and Pacific Mistral expeditiously. The transaction is subject to customary closing conditions and is expected to be completed in April 2021.
To learn more about the deal, please click here.
The Akin Gump team advising Pacific Drilling was led by Dan Fisher, head of the firm’s integrated special situations group, and corporate partner Iain Wood, and included counsel Evan Goodman and associates Jacqueline Lewis and Bryan Pistorius.
Earlier this year, a team from Akin Gump acted as legal advisor to the ad hoc group of Pacific Drilling noteholders in the company’s Chapter 11 process. More information on that representation can be found here.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers and advisors in offices throughout the United States, Europe, Asia and the Middle East.
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