Noble Energy to close Rosetta Resources HQ after acquisition, cut jobs – Houston Business Journal

Houston-based Noble Energy Inc. (NYSE: NBL) notified the state of Texas that it will close Houston-based Rosetta Resources Inc.’s (Nasdaq: ROSE) downtown headquarters after the companies’ multibillion-dollar deal closes this summer.

Noble’s acquisition of Rosetta, which was announced in May, is expected to close on July 20, according to a letter sent to the Texas Workforce Commission. The all-stock acquisition is worth $2.1 billion, and Noble is expected to assume Rosetta’s debt, valued at $1.8 billion in May.

Afterward, Rosetta’s headquarters at 1111 Bagby St., Suite 1600, is expected to close on Aug. 31 or within 14 days thereafter, according to the Worker Adjustment and Retraining Notification Act letter.

 

Rosetta Resources Operating LP, which will become a wholly owned indirect subsidiary of Noble, will reduce its workforce after the deal closes. Eleven executives will resign, and 65 other jobs will be cut between Sept. 8 and Sept. 14.

Meanwhile, the remaining 230 employees from Rosetta’s headquarters will be offered continued employment at Noble’s headquarters, at 1001 Noble Energy Way in the former Compaq campus in northwest Houston. Noble expects many of the employees to accept the offer, but those who do not will lose their jobs.

via Noble Energy to close Rosetta Resources HQ after acquisition, cut jobs – Houston Business Journal.

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