M&A · Energy · Drilling Oil & Gas Wells
Transocean Ltd. to acquire Valaris Ltd
Announced Feb 9, 2026 · Pending May 19, 2026
Deal value$5.80BEV $5.80B
Premium—To unaffected price
EV / Adj. EBITDA8.0x2.4x EV / Revenue
ConsiderationAll stock
Transaction
- Acquirer
- Transocean Ltd. (RIG)
- Target
- Valaris Ltd (VAL)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $5.80B
- Status
- Pending May 19, 2026
Deal protections
- Break fee (target pays)
- $173M · 3.0%
- Reverse fee (buyer pays)
- $195M · 3.4%
- Go-shop
- —
- Financing
- —
Advisors
- To the acquirer
- Evercore
- To the target
- Goldman Sachs
- Evercore fee
- $22.5M
Sector context · Energy
- Comparable deals
- 37 in the prior 24 months
- Premium
- Sector median 20.5%
- EV / Adj. EBITDA
- 8.0x vs. 8.6x sector median
- Break fee
- 3.0% vs. 3.0% sector median
Timeline
- AnnouncedFeb 9, 2026
- Proxy filedMay 19, 2026
- Definitive proxyOct 14, 2026
- Shareholder votePending
- ClosedPending
Valuation · fairness opinions
Discounted cash flowGoldman Sachs$47.76$55.69
Discounted cash flowGoldman Sachs$53.93$66.54
Discounted cash flowGoldman Sachs$45.49$64.66
Discounted cash flowGoldman Sachs$55.67$89.21
Future share priceGoldman Sachs$49.58$85.23
Discounted cash flowEvercore$3.22$5.84
Discounted cash flowEvercore$3.58$5.62
Discounted cash flowEvercore$51.67$73.31
Discounted cash flowEvercore$57.36$75.91
Trading comparablesEvercore$3.80$4.88
Implied value per Valaris Ltd share by analysis, from Goldman Sachs and Evercore · DCF discount rate 11%–13%.