Brazil Clears Valaris-Transocean Merger, Final Regulatory Hurdle Passed
VAL sits 80% above its 52-week low of $47.37.
Summary
Brazil's antitrust authority CADE approved the Valaris-Transocean merger without restrictions on October 13, clearing the last major regulatory condition. The decision will be published in Brazil's Official Journal within days, starting a 15-day waiting period before it becomes final. Once final, all regulatory approvals are complete and the deal can close in Q4. This follows DOJ clearance in late September and the definitive proxy filed today setting shareholder votes for November 24. Valaris holders will receive Transocean stock in the $5.8 billion all-stock deal.
At the time of this announcement, VAL was trading at $85.26 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $5.9B. The 52-week trading range was $47.37 to $114.12. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.