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The Wall Street Journal: Transocean to buy rest of Transocean Partners in $514 million deal

Swiss offshore drilling company Transocean Ltd. agreed to buy back the master limited partnership that it formed two years ago, under pressure from Carl Icahn, in a deal that values Transocean Partners LLC at about $514 million.

Transocean RIG, -3.74% which owned nearly 52% of Transocean Partners common stock RIGP, +9.89% , agreed to swap 1.1427 of its shares for each unit of the master limited partnership. Based on the closing prices Friday, the offer values Transocean Partners at $12.56 a share, a 15% premium to stock’s closing price of $10.92.

Transocean Partners’s initial public offering was priced at $22 in the summer of 2014.

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