To finance the $600 million cash portion of the deal, Noble will use a bridge loan. The expanded company’s board of directors will include a member from Diamond’s current board.
Expected to close by March 2025, the deal requires regulatory approval and the backing of Diamond’s shareholders. Specific regulatory authorities involved were not disclosed.
Diamond’s board of directors has given the acquisition the green light. Diamond President and CEO Bernie Wolford highlighted the benefits to shareholders, saying, “This combination is an ideal outcome that provides Diamond shareholders both immediate and long-term upside potential.”
Morgan Stanley & Co. LLC is acting as lead financial advisor to Noble, with Wells Fargo and SpareBank 1 Markets also providing advisory services. Guggenheim Securities LLC and TPH&Co., the energy business of Perella Weinberg Partners, are serving as lead financial advisors to Diamond.
The acquisition is poised to strengthen Noble’s position in the offshore drilling market, leveraging Diamond’s assets and expertise to drive growth and innovation in the sector.
