MergerMay 5, 2026, 07:08 AM
Transocean-Valaris Merger Faces DOJ Second Request, Extends HSR Review
AI Summary
Transocean Ltd. and Valaris Limited announced that the Department of Justice (DOJ) issued a Second Request for additional information regarding their proposed business combination on May 4, 2026. This request extends the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act until 30 days after both companies substantially comply. The companies had previously filed HSR Act notifications on March 2, 2026, with Transocean withdrawing and refiling its notification in early April 2026. The parties continue to cooperate with the DOJ's review of the transaction, which involves Transocean acquiring Valaris for 15.235 shares of Transocean per Valaris Share.
Key Highlights
- DOJ issued a Second Request for additional information on the Transocean-Valaris merger on May 4, 2026.
- The Second Request extends the HSR Act waiting period for the business combination.
- Transocean will acquire Valaris for 15.235 shares of Transocean per Valaris Share.
- The Business Combination Agreement was initially signed on February 9, 2026.
- HSR Act notifications were first filed on March 2, 2026.
- Transocean withdrew and refiled its HSR Act notification on April 1 and April 3, 2026.
- The waiting period extends 30 days after substantial compliance with the Second Request.
- Both companies are actively cooperating with the DOJ's review of the proposed transaction.