MergerMay 5, 2026, 07:03 AM
Valaris & Transocean Merger Faces DOJ Second Request, Delays Close
AI Summary
Valaris Limited and Transocean Ltd. announced on February 9, 2026, a business combination where Transocean will acquire Valaris shares at an exchange ratio of 15.235 Transocean shares per Valaris share. The closing is subject to HSR Act approval. On May 4, 2026, both companies received a Second Request from the DOJ, extending the HSR waiting period until 30 days after substantial compliance. The companies are cooperating with the DOJ, but there is no assurance the transaction will occur as anticipated.
Key Highlights
- Valaris and Transocean entered a Business Combination Agreement on February 9, 2026.
- Transocean will acquire Valaris shares for 15.235 shares of Transocean per Valaris share.
- Both companies received a Second Request from the DOJ on May 4, 2026.
- The Second Request extends the HSR Act waiting period by 30 days after substantial compliance.
- Transocean initially filed HSR on March 2, 2026, withdrew on April 1, 2026, and refiled on April 3, 2026.
- The closing is subject to regulatory and shareholder approvals and other conditions.