Vantage Drilling International has entered into an agreement and plan of merger with Eldorado Drilling and Eldorado Drilling Merger Sub.
Pursuant to the agreement, Eldorado Drilling will acquire Vantage Drilling by way of a merger of Merger Sub with and into Vantage Drilling, with Vantage surviving as a wholly owned subsidiary of Eldorado.
Vantage shareholders will receive US$19.00 per share in cash, representing an equity value of approximately US$257.6 million.
The transaction was unanimously approved and recommended to Vantage Drilling’s shareholders by Vantage Drilling’s board of directors.
The merger will be implemented as a statutory merger under Bermuda law, with Vantage Drilling as the surviving company and as a wholly owned subsidiary of Eldorado Drilling following completion. The name of the surviving company will remain Vantage Drilling International.
Completion of the merger is subject to customary closing conditions as set out in the merger agreement. Vantage Drilling expects the merger to be completed at the beginning of the third quarter of 2026.
