By Stephen Nakrosis
Golden Ocean Group has signed a term sheet to merge into CMB.TECH NV and create a maritime group with a combined fleet of more than 250 vessels.
Under the terms of the deal, Golden Ocean would merge with and into CMB.TEC Bermuda Ltd., a wholly-owned subsidiary of CMB.TECH, the companies said Tuesday. The stock-for-stock merger would see CMB.TECH as the surviving entity. Existing shares of Golden Ocean not already owned by CMB.TECH, will be cancelled and ultimately exchanged for newly issued CMB.TECH shares. The exchange ratio will be 0.95 shares of CBM.TECH for each share of Golden Ocean, the companies said.
The term sheet has been unanimously approved by CMB.TECH's supervisory board and by the board of Golden Ocean.
After the deal is completed CMB.TECH would remain listed on the New York Stock Exchange and Euronext Brussels, and pursue a secondary listing on the Euronext Oslo Børs.
Golden Ocean's stock rose 2.7% to $7.23 after hours, while shares of CMB.TEC declined 7.7% to $8.19.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
April 22, 2025 17:14 ET (21:14 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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