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# Brazil's Antitrust Authority Clears Transocean's Valaris Deal With No Restrictions
- URL: https://www.bullished.co/brazils-antitrust-authority-clears-transoceans-valaris-deal-with-no-restrictions-7e9c0b4f/
- Published: 2026-10-14T21:22:38.000Z
- Updated: 2026-10-28T21:31:55.000Z
- Description: Transocean and Valaris still expect to close in the fourth quarter of 2026, after a 15-day waiting period.
- Author: Matteo Parrino
- Tags: Earnings, RIG, Industry: Energy

Brazil's competition authority, known as CADE, decided on October 13 that [Transocean](https://www.bullished.co/tag/rig/)'s combination with Valaris [may go ahead without restrictions](https://www.sec.gov/Archives/edgar/data/0001451505/000110465926115871/tm269762d11%5F8k.htm?ref=bullished.co), according to an [8-K](https://www.bullished.co/learn/8-k-items-explained/) Transocean filed Wednesday. Once the decision becomes final, every regulatory approval condition to closing will be met.

## What the 8-K says

Under the Business Combination Agreement signed February 9, 2026, Transocean will buy all issued and outstanding Valaris common shares, paying [15.235 Transocean shares](https://www.sec.gov/Archives/edgar/data/0001451505/000110465926115871/tm269762d11%5F8k.htm?ref=bullished.co) for each Valaris share.

The companies expect CADE's decision to be published in Brazil's Official Journal on October 15 or October 16\. Publication starts a fifteen-day waiting period before the decision becomes final.

The filing says Transocean and Valaris anticipate closing in the fourth quarter of 2026\. That is subject to the satisfaction or waiver of the remaining closing conditions in the agreement.

## What it changes

The Brazil clearance carries no conditions, so no terms were imposed that could cut the deal's anticipated benefits. That is one of the risks the filing's cautionary section lists.

The deal is structured as a scheme of arrangement under Bermuda law, and the 8-K says Transocean and Valaris filed a joint definitive proxy statement with the SEC on October 14\. It was sent to shareholders of both companies, who are asked to approve their respective transaction-related proposals.

Transocean shares traded at $5.59 in Wednesday after-hours trading, against a regular-session close of $5.58\. That reading began before the 5:07 p.m. ET filing.

## What to watch

Publication of CADE's decision in the Official Journal on October 15 or 16 starts the fifteen-day clock. The filing gives no date for the shareholder votes.

If the decision is published as expected, the fifteen-day waiting period would begin on October 15 or 16.

Learn

- [Item 8.01: other events →](https://www.bullished.co/learn/8-k-items-explained/#item-801-other-events)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — Transocean Ltd. (RIG)](https://www.sec.gov/Archives/edgar/data/0001451505/000110465926115871/tm269762d11%5F8k.htm?ref=bullished.co) — SEC EDGAR
- [TransOcean aborts RM140m purchase of haulage firm](https://theedgemalaysia.com/article/transocean-aborts-rm140m-purchase-haulage-firm?ref=bullished.co) — The Edge Malaysia

### More on Transocean

- [Transocean And Valaris Holders Vote November 24 On All-Stock Deal, With Court Hearing Two Days Later](https://www.bullished.co/transocean-and-valaris-holders-vote-november-24-on-all-stock-deal-with-court-hearing-two-6b8e2ebd/)
- [Transocean Wins Two U.S. Gulf Drillship Contracts Adding About $550 Million To Backlog](https://www.bullished.co/transocean-wins-two-u-s-gulf-drillship-contracts-adding-about-550-million-to-backlog-b8c8ed2a/)
- [Transocean Signs $750 Million Revolver Running To October 2031, Contingent On Valaris Deal](https://www.bullished.co/transocean-signs-750-million-revolver-running-to-october-2031-contingent-on-valaris-deal-4bbd5eea/)

[All Transocean (RIG) coverage →](https://www.bullished.co/tag/rig/)