Transocean announced that the Brazilian competition authorities (CADE) have approved its pending business combination with Valaris Limited without restrictions. This approval is a critical step towards completing the acquisition, which is now expected to close in the fourth quarter of 2026.
Key Details
- Regulatory Approval: On October 13, 2026, CADE issued its decision approving the merger. Once this decision becomes final, all regulatory approval conditions for the transaction will have been met.
- Timeline: The decision is expected to be published in Brazil's Official Journal on October 15 or 16, 2026, triggering a 15-day waiting period before it becomes final. The closing is anticipated in Q4 2026.
- Transaction Terms: The business combination involves Transocean acquiring all outstanding shares of Valaris in exchange for 15.235 Transocean shares per Valaris share, as per the agreement dated February 9, 2026.