The shareholder in offshore drilling contractor Vantage Drilling have approved its proposed merger with Norway-based Eldorado Drilling, advancing a transaction that…
Published
The shareholder in offshore drilling contractor Vantage Drilling have approved its proposed merger with Norway-based Eldorado Drilling, advancing a transaction that values Vantage's equity at approximately $258 million.
The approval was secured at a special general meeting held in Bermuda on June 18, where shareholders voted in favor of all resolutions related to the merger.
Under the agreement announced earlier this month, Eldorado Drilling will acquire Vantage through the merger of a wholly owned Eldorado subsidiary with the offshore drilling contractor.
Vantage will survive the transaction as a wholly owned subsidiary of Eldorado and continue operating under the Vantage Drilling International name.
The deal offers Vantage shareholders $19.00 per share in cash, implying an equity valuation of approximately $257.6 million based on the company's outstanding shares.
Completion of the transaction remains subject to customary closing conditions, including regulatory approvals and other requirements outlined in the merger agreement. The companies are targeting completion at the beginning of the third quarter of 2026.
Content Original Link:
" target="_blank">
