Valaris Ltd. (VAL) Skyrockets 34% on $5.8-Billion Merger

We recently published 10 Big Names With Effortless Double-Digit Gains. Valaris Limited (NYSE:VAL) was one of the best performers on Monday.

Valaris soared by 34.31 percent on Monday to finish at $83.82 apiece as investors gobbled up shares following news that it agreed to be acquired by Transocean Ltd. for $5.8 billion.

In a joint statement, the companies said that they inked a definitive agreement for Transocean to acquire Valaris Limited (NYSE:VAL) in an all-stock transaction.

The acquisition is expected to create an industry leader with a diversified offshore fleet of 73 rigs, including 33 ultra-deepwater drillships, nine semisubmersibles, and 31 modern jackups, to meet emerging growth opportunities and expand reach and customer access in other offshore basins globally.

“By combining with Transocean, we will create a new industry leader for the benefit of our shareholders, customers and employees. We look forward to complementing Transocean’s high-specification deepwater assets with our own, while returning world class jackup expertise to Transocean’s business, creating a combined company that is capable of operating any rig at any water depth in any offshore environment around the world,” said Valaris Limited (NYSE:VAL) CEO Anton Dibowitz.

Two of Valaris Limited’s (NYSE:VAL) directors would join Transocean’s board upon completion of the transaction.

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Disclosure: None. This article is originally published at Insider Monkey.