Diamond Offshore Shares Gain After Australian Approval of Noble Deal

Dow Jones08-31

By Connor Hart

Shares of Diamond Offshore Drilling jumped after the company said it received the final required regulatory approval for its acquisition by Noble Corp.

The stock was up more than 18%, to $16.99, in after-hours trading Friday. Shares are up more than 10% since the beginning of the year.

Shares of Noble are flat in post-market trading.

American offshore oil drilling company Noble in June said it would acquire smaller rival Diamond for $1.59 billion in a stock-and-cash deal.

On Friday, the companies said the Australia Competition & Consumer Commission gave its receipt of clearance for the deal, which was the final required regulatory approval needed for the transaction.

The transaction, initially expected to close by the first quarter of 2025, is now expected to close Sept. 4.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

August 30, 2024 18:11 ET (22:11 GMT)

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