TLDR
- Transocean received DOJ antitrust approval for its $5.8 billion all-stock acquisition of Valaris.
- The deal was first announced on February 9, 2026, offering 15.235 Transocean shares per Valaris share.
- The Hart-Scott-Rodino antitrust review has officially closed, clearing a major regulatory hurdle.
- Brazil’s CADE regulator is the last approval needed before the deal can close.
- Both companies still expect the merger to close in the fourth quarter of 2026.
Transocean (RIG) and Valaris (VAL) just moved one step closer to becoming one company. The offshore drilling giant disclosed in an 8-K filing on Wednesday that it has received Department of Justice approval for its planned acquisition of Valaris.
Valaris stock ticked up slightly following the news, trading near the 0.09% mark on the day. The move reflects investor confidence that the deal is now largely in the clear.
The companies received clearance from the DOJ’s antitrust division as part of the Hart-Scott-Rodino review process. That review has now officially closed.
This agreement was first struck back on February 9, 2026. Under the terms, Transocean agreed to offer 15.235 of its own shares for every single share of Valaris stock.
It’s an all-stock deal valued at roughly $5.8 billion. No cash is changing hands in the transaction.
What Happens Next
With U.S. antitrust clearance secured, one major hurdle remains. Brazil’s antitrust regulator, the Administrative Council for Economic Defense, still needs to sign off.
CADE opened its formal review of the merger back on August 7. Its approval is now the last regulatory box left to check.
Both Transocean and Valaris currently expect the deal to close sometime in the fourth quarter of 2026. That timeline hasn’t changed since the DOJ clearance came through.
Reports had already hinted this approval was coming. CTFN reported last Monday that the DOJ was expected to give the green light.
Industry Backdrop
The deal combines two of the largest names in offshore contract drilling. Valaris operates a fleet of mobile offshore drilling units for oil and gas producers around the world.
Transocean competes directly in that same space, making this a merger of two established rivals. Together, the combined fleet would represent a sizable chunk of the offshore drilling market.
Analysts covering Valaris stock currently rate it a Hold. The most recent price target sits at $80.00.
Valaris carries a current market cap of about $5.45 billion. Average trading volume for the stock sits around 1,087,317 shares.
One technical sentiment reading on VAL currently points to a Buy signal. That comes even as some underlying metrics remain mixed.
The company has posted strong profitability and return on equity in recent periods. Its price-to-earnings ratio has also looked attractive relative to peers.
On the flip side, free cash flow has been negative on a trailing twelve month basis. Some technical indicators, including MACD, have also leaned negative recently.
Valaris stock has traded below some of its key moving averages in recent sessions. That’s kept sentiment somewhat split among traders watching the name.
For now, the deal clock keeps ticking toward a fourth quarter close. The next milestone to watch is CADE’s decision out of Brazil.
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