Brazil clears Transocean's takeover of Valaris without conditions
The exchange ratio of 15.235 Transocean shares per Valaris share stays fixed as the companies move toward a fourth-quarter close
Published
Brazilian competition authorities have cleared Transocean's merger with Valaris to proceed without restrictions, Valaris says. The decision was reached on October 13, 2026 and is expected to be published in Brazil's Official Journal on October 15 or 16. Publication starts a fifteen-day waiting period before the clearance becomes final.
Under the Business Combination Agreement the companies signed on February 9, 2026, Transocean will acquire all outstanding Valaris shares in exchange for 15.235 Transocean shares per Valaris share. Once the Brazilian decision becomes final, every regulatory condition to closing will be satisfied, and the companies expect the deal to close in the fourth quarter of 2026.
The clearance removes the last major antitrust obstacle to the deal, following the DOJ's Hart-Scott-Rodino clearance in late September. The 15.235 exchange ratio has held fixed throughout the regulatory process, with no sign of renegotiation. With the fifteen-day publication window now the only step left, the fourth-quarter close looks more a matter of mechanics than regulatory risk. Transocean has also kept adding to its order backlog in Norway and West Africa this month, a sign that points toward the deal's timeline staying on track and reduces the chance that Valaris holders see the exchange terms disrupted by delay.