Transocean acquires Valaris: the legal advisors
Valaris, a NYSE-listed specialist in offshore drilling services, signed a definitive agreement to combine with Transocean, a Swiss international provider of offshore contract drilling services for oil and gas wells, also listed in New York.
In connection with the deal, Homburger advised Transocean, while Lenz & Staehelin represented Valaris, working on Swiss law aspects of the transaction alongside lead counsel Skadden, Arps, Slate, Meagher & Flom, and with Conyers Dill & Pearman for Bermuda law aspects.
The operation
Pursuant to the deal, Transocean will acquire Valaris in an all-stock transaction valued at approximately USD $5.8 billion. The shareholding percentages of the combined company, on a fully diluted basis, will be approximately 53% for Transocean and 47% for Valaris. The enterprise value of the pro forma company is approximately USD 17 billion. Under the terms of the transaction, Valaris shareholders will receive a fixed exchange ratio of 15.235 shares of Transocean for each common share of Valaris.
The Lenz & Staehelin team
The Lenz & Staehelin team on the matter included partner Jacques Iffland (corporate, pictured), partner Floran Ponce (tax), senior associate Maximilien de Ridder (tax), senior associate Caroline Kopp (corporate), associate Alexandra Vraca (corporate), and associate Kimberly Hundt (tax).
The Homburger team
David Oser, Micha Fankhauser and Kaiyan Yeo (all corporate and M&A) led the Homburger team on the matter, together with tax specialist Reto Heuberger.
