Noble (NYSE:NE) has announced they've acquired privately held FDR Holdings Limited for $2.16 billion.
"Frontier is an excellent strategic addition to Noble's existing asset, customer and employee base," said David W. Williams, Chairman, President and Chief Executive Officer of Noble. "This acquisition is a highly complementary extension of our mid- and deepwater presence and positions us for additional growth in new market segments that can provide further opportunities for Noble and our customers. Noble's historical hallmark of a strong safety culture and our reputation for operational excellence should benefit Frontier's existing customers and drive value for our shareholders."
Along with assuming FDR Holdings debt, financing will also come through cash, drawing on its credit facility, and about $800 million from a bridge credit facility.
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