CMB.TECH's update on the Golden Ocean merger process
CMB.TECH (NYSE: CMBT) has provided an update on its stock-for-stock merger with Golden Ocean Group Limited (NASDAQ: GOGL). The merger will exchange Golden Ocean shares for 0.95 CMB.TECH ordinary shares per Golden Ocean share, resulting in approximately 95.9 million new CMB.TECH shares being issued.
Golden Ocean will hold a special general meeting on August 19, 2025, with the merger expected to complete around August 20, 2025. Post-merger, CMB.TECH shareholders will own approximately 70% of the combined company, while Golden Ocean shareholders will hold 30%. The merger will create one of the largest listed diversified maritime groups globally, with a combined fleet of approximately 250 vessels.
The transaction has received German antitrust clearance and SEC registration effectiveness. Golden Ocean will delist from Nasdaq and Oslo Børs, while CMB.TECH will maintain NYSE and Euronext Brussels listings and pursue an Oslo Børs secondary listing.
CMB.TECH (NYSE: CMBT) ha fornito un aggiornamento sulla sua fusione azionaria con Golden Ocean Group Limited (NASDAQ: GOGL). La fusione prevede lo scambio di azioni Golden Ocean con 0,95 azioni ordinarie CMB.TECH per ogni azione Golden Ocean, con l'emissione di circa 95,9 milioni di nuove azioni CMB.TECH.
Golden Ocean terrà un'assemblea generale straordinaria il 19 agosto 2025, mentre il completamento della fusione è previsto intorno al 20 agosto 2025. Dopo la fusione, gli azionisti di CMB.TECH deterranno circa il 70% della società combinata, mentre quelli di Golden Ocean il 30%. La fusione darà vita a uno dei più grandi gruppi marittimi diversificati quotati al mondo, con una flotta combinata di circa 250 navi.
L'operazione ha ottenuto l'autorizzazione antitrust tedesca e l'efficacia della registrazione presso la SEC. Golden Ocean sarà esclusa dalle quotazioni di Nasdaq e Oslo Børs, mentre CMB.TECH manterrà le quotazioni su NYSE e Euronext Brussels e perseguirà una quotazione secondaria su Oslo Børs.
CMB.TECH (NYSE: CMBT) ha proporcionado una actualización sobre su fusión por intercambio de acciones con Golden Ocean Group Limited (NASDAQ: GOGL). La fusión intercambiará acciones de Golden Ocean por 0,95 acciones ordinarias de CMB.TECH por cada acción de Golden Ocean, resultando en la emisión de aproximadamente 95,9 millones de nuevas acciones de CMB.TECH.
Golden Ocean celebrará una junta general extraordinaria el 19 de agosto de 2025, y se espera que la fusión se complete alrededor del 20 de agosto de 2025. Tras la fusión, los accionistas de CMB.TECH poseerán aproximadamente el 70% de la compañía combinada, mientras que los accionistas de Golden Ocean tendrán el 30%. La fusión creará uno de los grupos marítimos diversificados cotizados más grandes del mundo, con una flota combinada de aproximadamente 250 embarcaciones.
La operación ha recibido la aprobación antimonopolio alemana y la efectividad del registro ante la SEC. Golden Ocean se retirará de Nasdaq y Oslo Børs, mientras que CMB.TECH mantendrá sus cotizaciones en NYSE y Euronext Brussels y buscará una cotización secundaria en Oslo Børs.
CMB.TECH (NYSE: CMBT)는 Golden Ocean Group Limited (NASDAQ: GOGL)와의 주식 교환 합병에 대한 업데이트를 제공했습니다. 이번 합병은 Golden Ocean 주식 1주당 0.95 CMB.TECH 보통주를 교환하며, 약 9590만 주의 새로운 CMB.TECH 주식이 발행될 예정입니다.
Golden Ocean은 2025년 8월 19일에 임시 주주총회를 개최할 예정이며, 합병 완료는 2025년 8월 20일경으로 예상됩니다. 합병 후 CMB.TECH 주주들은 합병 회사의 약 70%를 보유하게 되고, Golden Ocean 주주들은 30%를 보유하게 됩니다. 이번 합병으로 전 세계에서 가장 큰 상장된 다각화 해운 그룹 중 하나가 탄생하며, 약 250척의 선단을 보유하게 됩니다.
이번 거래는 독일 반독점 승인과 SEC 등록 효력을 획득했습니다. Golden Ocean은 Nasdaq과 Oslo Børs에서 상장 폐지되며, CMB.TECH는 NYSE와 Euronext Brussels 상장을 유지하고 Oslo Børs에 2차 상장을 추진할 예정입니다.
CMB.TECH (NYSE : CMBT) a publié une mise à jour concernant sa fusion par échange d’actions avec Golden Ocean Group Limited (NASDAQ : GOGL). La fusion prévoit l’échange d’une action Golden Ocean contre 0,95 action ordinaire CMB.TECH, ce qui entraînera l’émission d’environ 95,9 millions de nouvelles actions CMB.TECH.
Golden Ocean tiendra une assemblée générale extraordinaire le 19 août 2025, la finalisation de la fusion étant prévue autour du 20 août 2025. Après la fusion, les actionnaires de CMB.TECH détiendront environ 70 % de la société combinée, tandis que ceux de Golden Ocean en détiendront 30 %. Cette fusion donnera naissance à l’un des plus grands groupes maritimes diversifiés cotés en bourse au monde, avec une flotte combinée d’environ 250 navires.
La transaction a obtenu l’autorisation antitrust allemande ainsi que l’efficacité de l’enregistrement auprès de la SEC. Golden Ocean sera radiée du Nasdaq et d’Oslo Børs, tandis que CMB.TECH conservera ses cotations au NYSE et à Euronext Brussels et visera une cotation secondaire à Oslo Børs.
CMB.TECH (NYSE: CMBT) hat ein Update zu seiner Aktientausch-Fusion mit Golden Ocean Group Limited (NASDAQ: GOGL) veröffentlicht. Die Fusion sieht vor, dass Golden Ocean-Aktien gegen 0,95 CMB.TECH Stammaktien pro Golden Ocean-Aktie getauscht werden, wodurch etwa 95,9 Millionen neue CMB.TECH-Aktien ausgegeben werden.
Golden Ocean wird am 19. August 2025 eine außerordentliche Hauptversammlung abhalten, und der Abschluss der Fusion wird um den 20. August 2025 erwartet. Nach der Fusion werden CMB.TECH-Aktionäre etwa 70% des kombinierten Unternehmens halten, während Golden Ocean-Aktionäre 30% besitzen werden. Die Fusion schafft eine der größten börsennotierten, diversifizierten maritimen Gruppen weltweit mit einer kombinierten Flotte von etwa 250 Schiffen.
Die Transaktion hat die deutsche Kartellfreigabe sowie die Wirksamkeit der SEC-Registrierung erhalten. Golden Ocean wird von Nasdaq und Oslo Børs delistet, während CMB.TECH die Notierungen an der NYSE und Euronext Brussels beibehält und eine Sekundärnotierung an der Oslo Børs anstrebt.
- Creation of one of the largest listed diversified maritime groups with 250 vessels
- Received key regulatory approvals from German antitrust authorities and SEC
- Strong shareholder position for CMB.TECH with 70% ownership in combined entity
- Expansion of market presence through multiple exchange listings (NYSE, Euronext Brussels, Oslo Børs)
- Complex integration process involving multiple stock exchanges and regulatory systems
- Potential execution risks in share transfer and trading arrangements
- Delisting of Golden Ocean from multiple exchanges may affect short-term liquidity
Insights
CMB.TECH's merger with Golden Ocean is proceeding as planned, creating a maritime giant with 250 vessels by August 20.
This press release details significant progress in the merger between CMB.TECH and Golden Ocean, which will create one of the world's largest listed maritime groups. The transaction is structured as a stock-for-stock merger with an exchange ratio of 0.95 CMB.TECH shares for each Golden Ocean share, resulting in approximately 96 million new CMB.TECH shares being issued.
Several key milestones have been achieved: German antitrust clearance was received on June 26, the SEC declared the registration statement effective on July 16, and Golden Ocean has scheduled a special shareholder meeting for August 19 to vote on the merger. Assuming shareholder approval, the merger is expected to complete around August 20, 2025.
The post-merger ownership structure will have current CMB.TECH shareholders owning approximately
From a listing perspective, Golden Ocean will delist from Nasdaq and Euronext Oslo Børs, while CMB.TECH will maintain its NYSE and Euronext Brussels listings and pursue a secondary listing on Euronext Oslo Børs. This geographical diversification of listings suggests the company is maintaining access to multiple capital markets to support its expanded operations.
The transaction timing and regulatory approvals appear to be proceeding without complications, indicating a well-structured deal with limited regulatory concerns. The planned integration of these two significant maritime operators signals further consolidation in the shipping industry, potentially creating economies of scale and operational synergies in an industry where size and fleet diversity can provide competitive advantages.
Antwerp, July 17, 2025 (GLOBE NEWSWIRE) -- CMB.TECH NV (NYSE: CMBT & Euronext Brussels: CMBT) (“CMB.TECH”) provides a market update on the progress of the stock-for-stock merger between CMB.TECH and Golden Ocean Group Limited (NASDAQ: GOGL & Euronext Oslo Børs: GOGL) ("Golden Ocean").
The transaction is structured as a merger, with Golden Ocean merging with and into CMB.TECH Bermuda Ltd. ("CMB.TECH Bermuda”), a wholly-owned subsidiary of CMB.TECH, with CMB.TECH Bermuda as the surviving company (the “Merger”). In the framework of the Merger, all outstanding common shares of Golden Ocean[1] will ultimately be exchanged for newly issued CMB.TECH ordinary shares at an exchange ratio of 0.95 ordinary shares of CMB.TECH for each common share of Golden Ocean (the “Exchange Ratio”), subject to customary adjustments pursuant to the agreement and plan of merger dated 28 May 2025 (the “Merger Agreement”). Upon completion of the Merger, CMB.TECH would issue approximately 95,952,934 new ordinary shares (the “Merger Consideration Shares”), assuming the Exchange Ratio is not adjusted.
This press release provides an update on the key steps completed and expected to be completed in the near future to close the Merger, as provided in the Merger Agreement.
[1] Other than Golden Ocean common shares already owned (directly or indirectly) by CMB.TECH or Golden Ocean.
Corporate approvals – Shareholders' meeting Golden Ocean
CMB.TECH notes the announcement by Golden Ocean to hold a special general meeting on 19 August 2025 at 9.00 am ADT, at Hamilton Princess and Beach Club, 76 Pitts Bay Road, Hamilton HM 08, Bermuda, to vote on, among other things, the approval of the Merger Agreement, the Bermuda Merger Agreement (as defined in the Merger Agreement) and the transactions contemplated thereby including the Merger and the appointment of the exchange agent (the “Golden Ocean SGM”). Golden Ocean shareholders of record at the close of business on the record date (16 July 2025) will be entitled to vote at the Golden Ocean SGM.
The supervisory board of CMB.TECH and the board of directors of Golden Ocean have both unanimously approved the transaction and the Merger does not require the approval of CMB.TECH’s shareholders.
Upon completion of the Merger, CMB.TECH shareholders would own approximately
Assuming timely fulfillment of the relevant closing conditions, the parties aim to complete the Merger as soon as possible after the Golden Ocean SGM, expected on or around 20 August 2025, which will also be the first day of trading for the newly issued shares on NYSE, Euronext Brussels and, tentatively, the first day of trading of CMB.TECH on Euronext Oslo Børs.
The Merger will create one of the largest listed diversified maritime groups in the world with a combined fleet of approximately 250 vessels. More information can be found in the registration statement on Form F-4 (the “Registration Statement”) filed by CMB.TECH with the SEC on 1 July 2025.
Regulatory approvals and filings
On 26 June 2025, CMB.TECH received antitrust clearance from the German Bundeskartellamt (Federal Cartel Office).
On 16 July 2025, the SEC declared effective the Registration Statement. The Registration Statement filed with the SEC includes a prospectus of CMB.TECH and a proxy statement of Golden Ocean. A free copy of the proxy statement and prospectus can be obtained at the SEC’s website at www.sec.gov. In addition, a NYSE supplemental listing application was filed with the NYSE on 7 July 2025, which will be used for the listing and the admission to trading of the new CMB.TECH shares to be issued following the Merger on the NYSE.
CMB.TECH is preparing an exemption document in relation to the Merger and the contemplated secondary listing of CMB.TECH on Euronext Oslo Børs in accordance with Regulation (EU) 2017/1129 (the "Prospectus Regulation") and Commission Delegated Regulation (EU) 2021/528 (the "Exemption Document"). The Exemption Document will be published shortly before the Golden Ocean SGM and will become available on CMB.TECH’s website. The Exemption Document is not a prospectus within the meaning of the Prospectus Regulation and is not subject to review and approval by the relevant competent authority pursuant to Article 20 of the Prospectus Regulation.
It is envisaged that Golden Ocean shareholders owning Golden Ocean common shares that trade on Nasdaq shall receive their portion of the new CMB.TECH ordinary shares that trade on NYSE, and Golden Ocean shareholders owning Golden Ocean common shares that trade on Euronext Oslo Børs shall receive their portion of the new CMB.TECH ordinary shares that are expected to trade on Euronext Oslo Børs. To secure timely delivery and settlement of the Merger Consideration Shares to shareholders on Euronext Oslo Børs, through the Norwegian settlement system, CMB.TECH and CMB contemplate to enter into a short-term share lending.
About CMB.TECH
CMB.TECH is a diversified and future-proof maritime group that owns and operates more than 160 seagoing vessels: crude oil tankers, dry bulk vessels, container ships, chemical tankers, offshore wind vessels and port vessels. CMB.TECH also offers hydrogen and ammonia fuel to customers, through own production or third-party producers.
CMB.TECH is headquartered in Antwerp, Belgium, and has offices across Europe, Asia, United States and Africa.
CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol “CMBT”.
About Golden Ocean
Golden Ocean is a Bermuda incorporated shipping company specialising in the transportation of dry bulk cargoes. As of May 2025, the Golden Ocean fleet consists of more than 90 vessels, with an aggregate capacity of approximately 13.7 million deadweight tonnes. Golden Ocean’s ordinary shares are listed on Nasdaq with a secondary listing on the Euronext Oslo Børs under the ticker symbol “GOGL”.
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. CMB.TECH desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe”, “anticipate”, “intends”, “estimate”, “forecast”, “project”, “plan”, “potential”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure that we will achieve or accomplish these expectations, beliefs or projections.
You are cautioned not to place undue reliance on CMB.TECH’s forward-looking statements. These forward-looking statements are and will be based upon management’s then-current views and assumptions regarding future events and operating performance and are applicable only as of the dates of such statements. CMB.TECH assumes no duty to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, as of any future date.
Disclaimer
This press release is also published in Dutch. If ambiguities should arise from the different language versions, the English version will prevail.
Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. Persons distributing this communication must satisfy themselves that it is lawful to do so. The potential transactions described in this announcement and the distribution of this announcement and other information in connection with the potential transactions in certain jurisdictions may be restricted by law and persons into whose possession this announcement, any document or other information referred to herein comes should inform themselves about, and observe, any such restrictions.
This announcement is not a recommendation in favor of the proposed Merger described herein. In connection with the proposed Merger, CMB.TECH has filed with the SEC the Registration Statement that includes a prospectus of CMB.TECH and a proxy statement of Golden Ocean. CMB.TECH also has filed other relevant documents with the SEC regarding the proposed Merger. YOU ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND RELATED MATTERS. You may obtain a free copy of the proxy statement/prospectus and other relevant documents that CMB.TECH files with the SEC at the SEC’s website at www.sec.gov.
Attachment
Katrien Hennin CMB.TECH +32 499393470 katrien.hennin@cmb.tech
FAQ
What is the exchange ratio for the CMB.TECH and Golden Ocean merger?
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What will be the ownership structure after the CMB.TECH-Golden Ocean merger?
How many new shares will CMB.TECH issue for the Golden Ocean merger?
What happens to Golden Ocean's stock exchange listings after the merger?
How many vessels will the combined CMB.TECH-Golden Ocean entity operate?
