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Ensco to Acquire Rival Driller Pride for $7.3 Billion

Ensco Plc, the oil driller with rigs from Mexico to Indonesia, agreed to acquire Pride International Inc. for $7.3 billion in a deal that will create the world’s second-largest offshore drilling company.

Investors will receive 0.4778 Ensco share and $15.60 in cash for each Pride share under terms of the agreement announced today by London-based Ensco in a statement. The $41.60 a share offer is a 21 percent premium to Houston-based Pride’s Feb. 4 closing price.