Noble Corporation (NYSE:NE) and Diamond Offshore Drilling (NYSE:DO) announced today that they have entered into a definitive merger agreement.

Under this agreement, Noble will acquire Diamond in a transaction involving both stock and cash.

As part of the deal, Diamond shareholders will receive 0.2316 shares of Noble, in addition to a cash consideration of $5.65 per share for each Diamond share.

This offer represents an 11.4% premium to the closing stock prices as of June 7, 2024.

Upon completion of the merger, Diamond shareholders will own approximately 14.5% of Noble's outstanding shares.

The transaction is expected to close by the first quarter of 2025.