Milbank LLP is advising Vantage Drilling International Ltd. ("Vantage Drilling") on its Agreement and Plan of Merger (the “Merger Agreement”) with Eldorado Drilling AS (“Eldorado”), a Norwegian private limited company, and Eldorado Drilling Merger Sub Limited, a Bermuda exempted company limited by shares and a wholly-owned subsidiary of Eldorado (“Merger Sub”), pursuant to which Eldorado will acquire Vantage Drilling by way of a merger of Merger Sub with and into Vantage Drilling, with Vantage Drilling surviving as a wholly-owned subsidiary of Eldorado (the “Merger”).
At the effective time of the Merger, each ordinary share of the company will be cancelled and converted into the right to receive $19 in cash, representing an equity value of Vantage Drilling of approximately $257.6 million. The transaction was unanimously approved and recommended to Vantage Drilling's shareholders by the company's board of directors.
Completion of the Merger is subject to additional conditions under the Merger Agreement, including approval of Vantage Drilling’s shareholders. Following completion of the Merger, Vantage Drilling will apply for its shares to be delisted from Euronext Growth Oslo as promptly as practicable.
The Milbank team was led by Global Corporate/M&A partners Scott Golenbock and Ross Shepard. The team also included Global Corporate/M&A associates Marc Kilani, Joshua Rosenberg and Nicholas Curcio; Banking and Leveraged Finance associate Sanika Nayak; Tax partner Max Goodman; Executive Compensation and Employee Benefits partner Kelly Bartley and associate Joo Hyeon Lee; Environmental partner Matthew Ahrens; Antitrust partner Andrea Hamilton; Intellectual Property special counsel John Garces; and Corporate Finance and Securities partners Jonathon Jackson and Rod Miller and associate Ian Hunley.
