From Yahoo Finance: 2025-04-23 11:53:00

Golden Ocean Group and CMB.TECH have signed a term sheet for a stock-for-stock merger, with CMB.TECH surviving. The merger is subject to various approvals and conditions, including regulatory and shareholder approval. The deal would create a maritime group with a market capitalisation of $3.2bn and over 250 vessels.

CMB.TECH must file a registration statement with the US Securities and Exchange Commission. The proposed exchange ratio is 0.95 shares of CMB.TECH for each share of Golden Ocean. Post-merger, CMB.TECH shareholders are expected to own around 70% of the combined entity.

The merger would integrate Golden Ocean into CMB.TECH Bermuda, forming one of the largest diversified maritime groups. The parties aim to finalize the transaction agreements in the second quarter of 2025 and complete the merger in the third quarter of 2025. Golden Ocean CEO sees the merger as an opportunity to be part of a large maritime group.

CMB.TECH CEO views the merger as a step forward in building a leading maritime group with a fleet of over 250 modern vessels. The companies plan to issue approximately 95.9 million new shares of CMB.TECH post-merger. Golden Ocean would be delisted from NASDAQ and Euronext Oslo Bors, while CMB.TECH will maintain its listings.

Last month, CMB.TECH and Mitsui O.S.K. Lines agreed to jointly own and charter nine ammonia-powered vessels. The merger between Golden Ocean and CMB.TECH is set to create one of the largest and most modern dry bulk fleets globally. The parties are working towards finalizing the merger in 2025.

Read more: Golden Ocean, CMB.TECH announce merger plan