Transocean-Valaris merger clears Brazil's CADE without restrictions; closing seen in Q4 2026

Transocean Ltd.

CADE issued its decision on Oct 13, 2026 allowing the business combination to take effect without restrictions; publication in Brazil's Official Journal expected Oct 15-16, 2026.
A fifteen-day waiting period follows publication before the decision becomes final; once final, all regulatory approval conditions to closing are satisfied.
Exchange ratio: Transocean will acquire all issued Valaris common shares for 15.235 Transocean shares per Valaris share.
Transocean and Valaris filed a joint definitive proxy statement on Schedule 14A with the SEC on October 14, 2026 seeking shareholder approvals.
Closing anticipated in Q4 2026, subject to satisfaction or waiver of remaining conditions under the Feb 9, 2026 Business Combination Agreement.

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