Transocean to Acquire Valaris

Fried Frank is advising Evercore as lead financial advisor to Transocean on its agreement to merge with Valaris Limited (Valaris), under which Transocean will acquire Valaris in an all-stock transaction valued at approximately $5.8 billion. The shareholding percentages of the combined company, on a fully diluted basis - assuming conversion to shares of Transocean's exchangeable bonds due 2029 - will be approximately 53% for Transocean and 47% for Valaris. The enterprise value of the pro forma company is approximately $17 billion. For more on the transaction, read the companies' press release.

This transaction is a continuation of Fried Frank's work advising Evercore as financial advisor on high-value deals, which includes the firm previously advising Evercore as financial advisor to Devon Energy on its agreement to merge with Coterra Energy and SM Energy Company on its agreement to merge with Civitas Resources, Inc.

The Fried Frank team was led by corporate partners Philip Richter and Roy Tannenbaum and included corporate associate Jenny Li.

This communication is for general information only. It is not intended, nor should it be relied upon, as legal advice. In some jurisdictions, this may be considered attorney advertising. Please refer to the firm's data policy page for further information.