M&A · Energy · Drilling Oil & Gas Wells
Noble Corp plc to acquire Diamond Offshore Drilling, Inc.
Announced Jun 10, 2024 · Closed Sep 4, 2024
Deal value$1.59BEV $1.98B
Premium11.4%To unaffected price
EV / Adj. EBITDA—1.8x EV / Revenue
ConsiderationCash and stock$15.52 per share
Transaction
- Acquirer
- Noble Corp plc (NE)
- Target
- Diamond Offshore Drilling, Inc. (DO)
- Buyer type
- Strategic
- Offer price per share
- $15.52
- Enterprise value
- $1.98B
- Status
- Closed Sep 4, 2024
Deal protections
- Break fee (target pays)
- $60.0M · 3.8%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Morgan Stanley
Advisors
- To the acquirer
- Morgan Stanley, Wells Fargo
- To the target
- Guggenheim, Perella Weinberg
- Guggenheim fee
- $2.0M
Sector context · Energy
- Comparable deals
- 40 in the prior 24 months
- Premium
- 11.4% vs. 17.0% sector median
- EV / Adj. EBITDA
- Sector median 7.1x
- Break fee
- 3.8% vs. 2.9% sector median
Timeline
- AnnouncedJun 10, 2024
- Proxy filedJul 25, 2024
- Definitive proxyJul 25, 2024
- Shareholder voteAug 27, 2024
- ClosedSep 4, 2024
Valuation · fairness opinions
Discounted cash flowGuggenheim$16.03$21.05
Discounted cash flowGuggenheim$16.64$19.38
Trading comparablesGuggenheim$13.60$24.89
Discounted cash flowGuggenheim$49.91$64.75
Discounted cash flowGuggenheim$49.95$57.03
Trading comparables$39.23$48.44
Trading comparables$46.14$56.66
Trading comparables$39.54$49.97
Trading comparables$44.07$55.39
Trading comparables$42.60$45.53
Offer $15.52
Implied value per Diamond Offshore Drilling, Inc. share by analysis, from Guggenheim.