All regulatory approvals are now cleared. Watch for the final CADE publication and the shareholder vote on the joint proxy statement filed October 14, 2026. Closing in Q4 2026 is the next catalyst.
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Executive Summary
Transocean announced that Brazilian competition authority CADE cleared its proposed business combination with Valaris without restrictions. 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 becoming final. Once final, all regulatory approval conditions will be satisfied, and the companies anticipate closing in Q4 2026.
Key Facts
- CADE (Brazilian competition authority) cleared the Transocean/Valaris business combination without restrictions on October 13, 2026.
- Decision expected to be published in Brazil's Official Journal on October 15 or 16, 2026, starting a 15-day waiting period.
- Once CADE's decision is final, all regulatory approval conditions for the merger will be satisfied.
- Closing anticipated in Q4 2026, subject to remaining conditions in the Business Combination Agreement.
- Transocean will acquire all Valaris shares in exchange for 15.235 Transocean shares per Valaris share.
Financial Impact
Removal of last regulatory hurdle for a transformative offshore drilling merger; no financial terms disclosed in this filing.
Risk Factors
- Closing still subject to remaining conditions including shareholder approval.
- Integration risks and potential failure to realize expected synergies.
- Commodity price and offshore drilling market volatility could affect combined company outlook.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-115871 |
| Document: 0001104659-26-115871-index-headers.html | 0001104659-26-115871 |
| Document: 0001104659-26-115871-index.html | 0001104659-26-115871 |
| Document: 0001104659-26-115871.txt | 0001104659-26-115871 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 2d ago | 8-K | $6.40 | awaiting T+5 | — | $6.55 (+2.30%) |
Oct 19, 2026 7d ago | 8-K | $5.89 | awaiting T+5 | — | $6.55 (+11.20%) |
Oct 19, 2026 7d ago | Press Release | $5.89 | awaiting T+5 | — | $6.55 (+11.20%) |
Oct 15, 2026 10d ago | 8-K | $5.62 $6.41 | ▲ +14.06% | ▲ +14.49% | $6.55 (+16.54%) |
Oct 14, 2026 11d ago | DEFA14A | $5.51 $6.08 | ▲ +10.34% | ▲ +11.36% | $6.55 (+18.87%) |
Oct 14, 2026 11d ago | 8-K | $5.51 $6.08 | ▲ +10.34% | ▲ +11.36% | $6.55 (+18.87%) |
Oct 14, 2026 12d ago | DEFM14A | $5.58 $6.04 | ▲ +8.24% | ▲ +7.79% | $6.55 (+17.38%) |
Oct 9, 2026 17d ago | 8-K | $5.51 $5.62 | ▲ +2.00% | ▲ +3.96% | $6.55 (+18.87%) |
Sep 30, 2026 25d ago | DEFA14A | $5.24 $5.54 | ▲ +5.73% | ▲ +4.42% | $6.55 (+24.99%) |
Sep 30, 2026 25d ago | 8-K | $5.24 $5.54 | ▲ +5.73% | ▲ +4.42% | $6.55 (+24.99%) |
US Market Status
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