DOJ clears Transocean-Valaris merger under antitrust law
The waiting period under the Hart-Scott-Rodino Act has expired, removing one of two major regulatory hurdles before the deal can close
Published
Valaris and Transocean said the Antitrust Division of the Department of Justice has closed its investigation into their pending merger and that the waiting period under the Hart-Scott-Rodino Act has now expired.
The clearance applies to the companies' Business Combination Agreement, under which Transocean will acquire all outstanding Valaris common shares. Valaris shareholders will receive 15.235 Transocean shares for each share they hold. The companies still expect the deal to close in the fourth quarter of 2026, subject to remaining conditions.
The DOJ's move resolves the antitrust review outright rather than simply resetting the clock, a stronger step than a refiling that reopens the waiting period without closing the underlying investigation. With that hurdle cleared, shareholder votes and any outstanding foreign approvals are the main items left before the deal can close.
Transocean has also been adding contract backlog in a firming offshore market. Combined with the DOJ clearance, that makes it less likely the fixed 15.235 exchange ratio faces a regulatory-driven renegotiation or delay before the deal closes.