By Shahmir Ahmed (Bocconi University); Ifeakachuku Ifeneziuche, Vikram Kumar, Palamdeep Virk, Benjamin Carr, and Nikhil Dewan (University of Warwick) Photo: Matt Brown (Unsplash) Overview of the deal Acquirer: Transocean Ltd Target: Valaris Limited Implied Equity Value: $5.8 billion Total Transaction Size: $5.8 billion Closed date: H2 2026 (Expected) Target advisor: Goldman Sachs & Co. LLC (Financial); Skadden, Lenz & Staehlin, Conyers Dill & Pearman Limited (Legal) Acquirer