Ensco plc (ticker: ESV) and Rowan Companies plc (ticker: RDC) have entered into a definitive transaction agreement under which Rowan will combine with Ensco in an all-stock transaction resulting in a new company with an enterprise value of $12 billion.

The companies anticipate that the transaction will close during the first half of 2019, they said in a press release.

The combined company’s balance sheet is expected to have liquidity of approximately $3.9 billion, including $1.9 billion of cash and short-term investments, providing the ne...

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