Transocean to buy Ocean Rig for $2.7bn

Switzerland's Transocean is to buy George Economou-chaired Ocean Rig in a deal worth $2.7bn.

The definitive merger agreement involves a cash and stock transaction and includes restructured Ocean Rig's debt, Transocean said.

It will pay 1.6 new shares plus $12.75 in cash for each Ocean Rig share, valuing the stock at $32.28 - a 20.4% premium to Ocean Rig’s ten-day average share price.