Shares of Valaris Limited (VAL) gained 24% on Monday morning after Transocean Ltd. agreed to acquire the offshore driller in an all-stock transaction valued at about $5.8 billion.
The stock is currently trading at $77.46, up $14.99 or 24.00%, on the NYSE. The stock opened at $74.11 after closing at $62.47 on Friday. The stock has traded between $27.15 and $78.00 over the past 52 weeks. Volume surged well above average following the announcement.
Under the terms of the agreement, Valaris shareholders will receive 15.235 Transocean shares for each Valaris share. Following completion, Transocean shareholders will own about 53% of the combined company, with Valaris shareholders holding roughly 47%.
The combined entity will have an enterprise value of about $17 billion and a fleet of 73 rigs across deepwater, harsh-environment, and shallow-water markets. Expected cost savings is of over $450 million through 2026.
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