Valaris-Transocean Merger Clears U.S. Antitrust Review; Closing Expected in Q4
VAL sits 68% above its 52-week low of $46.7.
Summary
Valaris and Transocean received HSR clearance from the DOJ on September 30, 2026, clearing the way for their business combination to close in Q4 2026.
Key Events · M&A and Partnerships · VAL
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HSR Antitrust Clearance Received
The DOJ Antitrust Division closed its HSR Act investigation on September 30, 2026, and the waiting period expired, removing the primary U.S. regulatory obstacle to the Transocean-Valaris merger.
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Closing Expected in Q4 2026
Valaris and Transocean now anticipate completing the business combination in the fourth quarter of 2026, subject to remaining closing conditions including shareholder approvals.
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Exchange Ratio Confirmed
Under the February 9, 2026 Business Combination Agreement, each Valaris share will be exchanged for 15.235 Transocean shares.
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Remaining Conditions
Completion still requires shareholder approval of both companies and satisfaction or waiver of other customary closing conditions set forth in the agreement.
Analysis · VAL · Energy & Transportation
The U.S. Department of Justice has closed its HSR Act investigation into Transocean's acquisition of Valaris, removing the last major U.S. regulatory hurdle. The waiting period expired on September 30, 2026, and the companies now expect to close the all-stock deal — 15.235 Transocean shares per Valaris share — in the fourth quarter of 2026. This is a critical de-risking event for a merger that will create one of the world's largest offshore drilling contractors. Remaining conditions include shareholder approvals and other customary closing items, but antitrust clearance was the key gating item for U.S. completion.
How filings like this one have moved
In the 30 days to Sep 30, 2026, 34.9% of the 1009 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.52%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, VAL was trading at $78.52 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $5.5B. The 52-week trading range was $46.70 to $114.12. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.