---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-115871"
form_type: "8-K"
ticker: "RIG"
cik: "0001451505"
company_name: "Transocean Ltd."
filed_at: "2026-10-14T21:07:40+00:00"
generated_at: "2026-10-14T21:10:14.264426+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-26-115871
- form_type: 8-K
- ticker: RIG
- cik: 0001451505
- company_name: Transocean Ltd.
- filed_at: 2026-10-14T21:07:40+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1451505/000110465926115871/0001104659-26-115871-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1451505/000110465926115871/tm269762d11_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-115871
- JSON: https://secwatch.observer/filing/0001104659-26-115871.json
- Plain text: https://secwatch.observer/filing/0001104659-26-115871.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.