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Transocean To Buy Valaris For $5.8 Bln Stock; Valaris Shares Climb

Transocean To Buy Valaris For $5.8 Bln Stock; Valaris Shares Climb

Offshore drilling services firm Transocean Ltd. (RIG) announced Monday an agreement to acquire rival Valaris Ltd. (VAL) in an all-stock transaction valued at approximately $5.8 billion. The enterprise value of the pro forma company is around $17 billion. Following the news, Valaris shares were gaining around 21 percent, trading at $75.50.
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