Paul, Weiss is advising Noble Corporation plc, a leading offshore drilling contractor, in its cash-and-stock acquisition of Diamond Offshore Drilling, Inc. The deal values the total enterprise at approximately $2.2 billion.

Under the terms of the transaction, Diamond shareholders will receive 0.2316 Noble shares and $5.65 per share in cash for each Diamond share, implying a total cash-and-stock consideration of $15.52 per share. Following the close of the deal, expected in the first quarter of 2025 pending customary closing conditions and approvals, Diamond shareholders will own approximately 14.5% of Noble's shares.

The Paul, Weiss team is led by Kyle Seifried, Scott Barshay, Gili Farhadian-Sagiv and Richard Schwartz, and includes, among others, corporate partners Benjamin Goodchild, Suhan Shim, Tim Cruickshank and Patricia Vaz de Almeida and counsel Nathan Mitchell; executive compensation partner Andrea Wahlquist Brown; tax partner Brian Krause and counsel Alyssa Wolpin; and real estate partner Salvatore Gogliormella.