CADE has approved Transocean’s proposed Valaris acquisition without imposing restrictions. The Brazilian regulator’s decision remains subject to a waiting period before becoming final.
In its 14 October SEC filing, Transocean reported that CADE had issued the decision on 13 October 2026. At the time of the filing, the companies anticipated publication in Brazil’s Official Journal on 15 or 16 October 2026. That publication would start a 15-day waiting period preceding final approval.
The filing states that finalisation of CADE’s decision would fulfil the transaction’s remaining regulatory approval conditions. The companies continue to expect completion in Q4 2026, provided the other closing requirements are met or waived. They cautioned that neither completion nor its timing is assured.
Shareholders are due to consider the combination on 24 November 2026. Transocean has scheduled an extraordinary general meeting, while Valaris will hold a separate meeting ordered by the court.
The all-stock acquisition was agreed on 9 February 2026, with an announced value of approximately US$5.8 billion. Transocean would purchase all outstanding Valaris common shares, with holders receiving 15.235 Transocean shares for each Valaris share.
At the February announcement, the companies outlined a combined fleet numbering 73 rigs: 33 ultra-deepwater drillships, nine semi-submersibles, and 31 jack-ups.
