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Transocean closes acquisition of Transocean Partners

Staff Writer |
Transocean closed of the acquisition of Transocean Partners. Each outstanding public common unit of Transocean Partners was converted into the right to receive 1.20 shares of Transocean Ltd.

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Transocean Ltd. issued approximately 23.8 million shares related to the transaction. In connection with the closing, Transocean Partners' common units were delisted from the New York Stock Exchange (NYSE).

Transocean announced in August it will acquire all of the outstanding common units of Transocean Partners not already owned by Transocean in a share-for-unit merger transaction.

The Transocean Partners unit price implied by the exchange ratio represents a 15% premium to Transocean Partners’ closing price on July 29, 2016. Transocean expects to issue approximately 22.7 million shares in the merger, the company said at the time. ■

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