Merger between CMB.TECH and Golden Ocean
CMB.TECH (NYSE: CMBT) and Golden Ocean (NASDAQ: GOGL) have announced a significant stock-for-stock merger agreement, with CMB.TECH as the surviving entity. The merger terms specify an exchange ratio of 0.95 CMB.TECH shares for each Golden Ocean share, creating one of the largest diversified listed maritime groups globally.
Upon completion, CMB.TECH shareholders will own approximately 70% of the combined company, while Golden Ocean shareholders will hold 30%. The merged entity will operate a fleet of more than 250 vessels with a combined fleet value exceeding $11 billion. The merger is expected to be completed in Q3 2025, subject to regulatory approvals and shareholder consent.
Post-merger, Golden Ocean will delist from NASDAQ and Euronext Oslo Børs, while CMB.TECH will maintain its NYSE and Euronext Brussels listings, pursuing a secondary listing on Euronext Oslo Børs. The company will focus on fleet decarbonization and expanding its maritime operations.
CMB.TECH (NYSE: CMBT) e Golden Ocean (NASDAQ: GOGL) hanno annunciato un'importante fusione azionaria, con CMB.TECH come entità sopravvissuta. I termini della fusione prevedono un rapporto di scambio di 0,95 azioni CMB.TECH per ogni azione Golden Ocean, dando vita a uno dei più grandi gruppi marittimi diversificati quotati a livello globale.
Al completamento, gli azionisti di CMB.TECH deterranno circa il 70% della società combinata, mentre quelli di Golden Ocean il 30%. La nuova entità gestirà una flotta di oltre 250 navi con un valore complessivo superiore a 11 miliardi di dollari. La fusione è prevista per il terzo trimestre del 2025, subordinata all’approvazione delle autorità regolatorie e al consenso degli azionisti.
Dopo la fusione, Golden Ocean si ritirerà dalle quotazioni NASDAQ e Euronext Oslo Børs, mentre CMB.TECH manterrà le quotazioni su NYSE e Euronext Bruxelles, perseguendo una seconda quotazione su Euronext Oslo Børs. L’azienda si concentrerà sulla decarbonizzazione della flotta e sull’espansione delle sue operazioni marittime.
CMB.TECH (NYSE: CMBT) y Golden Ocean (NASDAQ: GOGL) han anunciado un acuerdo significativo de fusión mediante intercambio de acciones, con CMB.TECH como la entidad sobreviviente. Los términos de la fusión establecen una proporción de intercambio de 0,95 acciones de CMB.TECH por cada acción de Golden Ocean, creando uno de los grupos marítimos diversificados más grandes cotizados a nivel mundial.
Al completarse, los accionistas de CMB.TECH poseerán aproximadamente el 70% de la compañía combinada, mientras que los accionistas de Golden Ocean tendrán el 30%. La entidad fusionada operará una flota de más de 250 embarcaciones con un valor combinado que supera los 11 mil millones de dólares. Se espera que la fusión se complete en el tercer trimestre de 2025, sujeta a aprobaciones regulatorias y al consentimiento de los accionistas.
Tras la fusión, Golden Ocean se deslistará de NASDAQ y Euronext Oslo Børs, mientras que CMB.TECH mantendrá sus cotizaciones en NYSE y Euronext Bruselas, buscando una cotización secundaria en Euronext Oslo Børs. La compañía se enfocará en la descarbonización de la flota y en expandir sus operaciones marítimas.
CMB.TECH (NYSE: CMBT)와 Golden Ocean (NASDAQ: GOGL)이 주식 교환 방식의 중대한 합병 계약을 발표했으며, CMB.TECH가 존속 법인으로 남게 됩니다. 합병 조건에 따르면 Golden Ocean 주식 1주당 0.95 CMB.TECH 주식을 교환하며, 이를 통해 전 세계에서 가장 큰 다각화된 상장 해운 그룹 중 하나가 탄생하게 됩니다.
합병 완료 후 CMB.TECH 주주들은 합병 회사의 약 70%를 보유하게 되며, Golden Ocean 주주들은 30%를 보유하게 됩니다. 합병 법인은 250척 이상의 선박을 운영하며, 총 선박 가치는 110억 달러를 초과할 것으로 예상됩니다. 합병은 규제 승인과 주주 동의를 조건으로 2025년 3분기에 완료될 예정입니다.
합병 후 Golden Ocean은 NASDAQ과 유로넥스트 오슬로 증권거래소에서 상장 폐지되며, CMB.TECH는 NYSE와 유로넥스트 브뤼셀 상장을 유지하고 유로넥스트 오슬로 증권거래소에 2차 상장을 추진할 예정입니다. 회사는 선박의 탄소 배출 저감과 해양 사업 확장에 집중할 것입니다.
CMB.TECH (NYSE : CMBT) et Golden Ocean (NASDAQ : GOGL) ont annoncé un accord important de fusion par échange d’actions, avec CMB.TECH comme entité survivante. Les modalités de la fusion prévoient un ratio d’échange de 0,95 action CMB.TECH pour chaque action Golden Ocean, créant ainsi l’un des plus grands groupes maritimes diversifiés cotés en bourse au niveau mondial.
À l’issue de la fusion, les actionnaires de CMB.TECH détiendront environ 70 % de la société combinée, tandis que ceux de Golden Ocean en détiendront 30 %. L’entité fusionnée exploitera une flotte de plus de 250 navires, avec une valeur totale de flotte dépassant 11 milliards de dollars. La fusion devrait être finalisée au troisième trimestre 2025, sous réserve des approbations réglementaires et du consentement des actionnaires.
Après la fusion, Golden Ocean sera retirée du NASDAQ et d’Euronext Oslo Børs, tandis que CMB.TECH conservera ses cotations au NYSE et à Euronext Bruxelles, tout en poursuivant une cotation secondaire à Euronext Oslo Børs. La société se concentrera sur la décarbonation de sa flotte et l’expansion de ses opérations maritimes.
CMB.TECH (NYSE: CMBT) und Golden Ocean (NASDAQ: GOGL) haben eine bedeutende Aktientausch-Fusionsvereinbarung bekanntgegeben, wobei CMB.TECH als überlebendes Unternehmen fungiert. Die Fusionsbedingungen sehen ein Umtauschverhältnis von 0,95 CMB.TECH-Aktien für jede Golden Ocean-Aktie vor und schaffen damit eine der größten diversifizierten börsennotierten Schifffahrtsgruppen weltweit.
Nach Abschluss werden die CMB.TECH-Aktionäre etwa 70 % des kombinierten Unternehmens besitzen, während die Golden Ocean-Aktionäre 30 % halten werden. Das fusionierte Unternehmen wird eine Flotte von über 250 Schiffen mit einem Gesamtwert von mehr als 11 Milliarden US-Dollar betreiben. Die Fusion soll im dritten Quartal 2025 abgeschlossen werden, vorbehaltlich behördlicher Genehmigungen und der Zustimmung der Aktionäre.
Nach der Fusion wird Golden Ocean von NASDAQ und Euronext Oslo Børs delistet, während CMB.TECH seine Notierungen an der NYSE und Euronext Brüssel beibehält und eine Zweitnotierung an der Euronext Oslo Børs anstrebt. Das Unternehmen wird sich auf die Dekarbonisierung der Flotte und die Erweiterung seiner maritimen Aktivitäten konzentrieren.
- Creation of one of the largest maritime groups with 250+ vessels
- Combined fleet value exceeding $11 billion
- Formation of one of the largest dry bulk fleets including 87 modern Capesize and Newcastlemax vessels
- Enhanced market liquidity and increased capital access
- Complementary fleet integration improving operational efficiency
- Merger completion subject to multiple regulatory approvals and conditions
- Potential integration challenges of large-scale operations
- Golden Ocean shareholders face delisting from current exchanges
Insights
CMB.TECH-Golden Ocean merger creates maritime powerhouse with 250+ vessels worth $11B, combining complementary dry bulk fleets with decarbonization focus.
The proposed merger between CMB.TECH and Golden Ocean represents a significant consolidation in the maritime industry. The transaction would create one of the world's largest diversified maritime groups with a combined fleet of more than 250 vessels valued at over
The stock-for-stock merger structure, with an exchange ratio of 0.95 CMB.TECH shares for each Golden Ocean share, balances the interests of both companies while positioning CMB.TECH as the surviving entity. Post-merger, CMB.TECH shareholders would retain approximately
The complementary nature of the two fleets is particularly noteworthy in the dry bulk segment. The combined entity would operate 87 modern Capesize and Newcastlemax vessels, positioning it among the top players in this segment. This enhanced scale offers potential operational efficiencies and improved market positioning.
The decarbonization focus highlighted by Alexander Saverys aligns with recent IMO regulations on greenhouse gas emissions, potentially giving the combined entity a competitive advantage as environmental regulations tighten. The planned secondary listing on Euronext Oslo Børs would maintain accessibility for Norwegian investors while enhancing overall share liquidity.
This merger creates shareholder value through scale, diversification, and strategic positioning, with fairness confirmed by independent financial advisors.
The transaction valuation implies a per-share value of approximately
The merger has secured unanimous approval from both CMB.TECH's Supervisory Board and Golden Ocean's Board of Directors, including its special transaction committee of disinterested directors - a strong indicator of governance diligence. This structured approach, with proper board oversight and independent financial advice, demonstrates adherence to merger best practices.
The transaction timeline appears reasonable, with plans to finalize definitive agreements in Q2 2025 and complete the merger in Q3 2025, subject to customary conditions including regulatory approvals and Golden Ocean shareholder consent. The deliberate approach with capital markets days scheduled in Antwerp and Oslo suggests transparency in communicating the strategic rationale to investors.
From a market structure perspective, Golden Ocean would delist from NASDAQ and Euronext Oslo Børs upon completion, while CMB.TECH would maintain its NYSE and Euronext Brussels listings. This consolidated listing strategy, combined with the planned secondary listing on Euronext Oslo Børs, should provide adequate liquidity while streamlining the post-merger corporate structure.
Antwerp, April 22, 2025 (GLOBE NEWSWIRE) -- CMB.TECH NV (NYSE: CMBT & Euronext Brussels: CMBT) (“CMB.TECH”) and Golden Ocean Group Limited (NASDAQ: GOGL & Euronext Oslo Børs: GOGL) (“Golden Ocean”) are pleased to announce that they have signed a term sheet (the “Term Sheet”) for a contemplated stock-for-stock merger, with CMB.TECH as the surviving entity, based on an exchange ratio of 0.95 shares of CBM.TECH for each share of Golden Ocean (the “Exchange Ratio”), subject to customary adjustments. The Term Sheet has been unanimously approved by CMB.TECH’s Supervisory Board and by Golden Ocean’s Board of Directors, including its special transaction committee composed of disinterested directors (the “Transaction Committee”). As part of this, the Transaction Committee has received a fairness opinion from its financial advisor DNB Markets, part of DNB Bank ASA, concluding that the Exchange Ratio is fair from a financial point of view to Golden Ocean’s shareholders. The transaction would be structured as a merger with Golden Ocean merging with and into CMB.TECH Bermuda Ltd., a wholly-owned subsidiary of CMB.TECH (the “Merger”). Existing shares of Golden Ocean, which are not (directly or indirectly) owned by CMB.TECH, will be cancelled and ultimately exchanged for newly issued CMB.TECH shares at an exchange ratio of 0.95 shares of CBM.TECH for each share of Golden Ocean, subject to customary adjustments, including to reflect share buybacks, share issuances and/or dividend distributions that may take place prior to completion of the Merger. Upon completion of the Merger, 95,952,934 new shares of CMB.TECH would be issued, whereby CMB.TECH shareholders would own approximately
The Merger will create one of the largest diversified listed maritime groups in the world with a combined fleet of more than 250 vessels.
The consummation of the Merger remains subject to customary conditions, including confirmatory due diligence, negotiation and execution of definitive transaction agreements, applicable board approvals, regulatory approvals, third-party consents, Golden Ocean shareholder approval, and effectiveness of a registration statement on Form F-4 to be filed by CMB.TECH with the U.S. Securities and Exchange Commission (“SEC”).
Upon completion of the Merger, Golden Ocean would delist from NASDAQ and Euronext Oslo Børs. CMB.TECH would remain listed on the New York Stock Exchange and Euronext Brussels and will pursue a secondary listing on the Euronext Oslo Børs following and subject to completion of the Merger.
The parties aim to enter into definitive transaction agreements, including an agreement and plan of merger, during the second quarter of 2025 and to complete the Merger in the third quarter of 2025. Shareholders should be informed that definitive transaction agreements may not be entered into on the indicated terms mentioned herein, or at all.
Alexander Saverys, CEO of CMB.TECH, commented: "By merging CMB.TECH and Golden Ocean, we would take another great step forward in building our leading diversified maritime group. Our fleet would grow to more than 250 modern vessels spread over five shipping divisions. The value of our fleet would reach more than 11 billion USD and, combined with our public listings and enhanced liquidity in our shares, we will have all the necessary firepower to continue to invest in our fleet and seize opportunities. Our focus on decarbonisation is starting to generate meaningful long-term contracts, and the recent IMO decisions on limiting greenhouse gas emissions from shipping give us even more wind (and ammonia) in our sails. It’s full speed ahead to decarbonise today to navigate tomorrow!"
Peder Simonsen, CEO of Golden Ocean, commented: "The proposed merger with CMB.TECH gives Golden Ocean a great opportunity to be part of a large diversified maritime group. Our fleet and CMB.TECH’s dry bulk vessels are very complementary and would create one of the largest and most modern dry bulk fleets in the world, including 87 modern Capesize and Newcastlemax vessels, with a favorable long-term outlook. If completed, the merged company will be one of the largest listed maritime groups both in terms of market capitalisation, net asset value and expected share liquidity. This transaction will allow us to offer an even broader service to our customers, a wide range of possibilities to our employees and last but not least the creation of long term added value to our shareholders."
Carl Steen, Chairman of the Transaction Committee of Golden Ocean, commented: “The disinterested directors of Golden Ocean have analysed the values of both companies in a possible stock-for-stock merger. We have concluded unanimously that the proposed exchange ratio based on a net asset value of CMB.TECH of 15.23 USD per share and a value of 14.49 USD per Golden Ocean share is fair, and believe this proposed merger is in the best interests of the company and its stakeholders."
For further information, reference is made to the presentation made available on the website of CMB.TECH.
CAPITAL MARKETS DAYS
To share more information, CMB.TECH and Golden Ocean will host Capital Markets Days in Antwerp, Belgium on 24 April 2025 (14:00 CET) and in Oslo, Norway on 29 April 2025 (14:00 CET).
The calls will be hybrid webcasts with an accompanying slideshow. You can find details of both conference calls, including the links to the conference calls below and on the websites of CMB.TECH and Golden Ocean.
The presentation and recordings of the Capital Market Days will be available on the website of CMB.TECH.
Capital Markets Day Antwerp (CMB.TECH, meeting room Hull, De Gerlachekaai 20, 2000 Antwerp - Belgium)
| Webcast Information | |
| Event Type: | Hybrid conference call |
| Event Date: | 24 April 2025 |
| Event Time: | 14:00 CET |
| Event Title: | “Capital Markets Day” |
| Event Site/URL: | https://events.teams.microsoft.com/event/3b5c75e0-80f2-4354-bb80-4a4b4d5b368a@d0b2b045-83aa-4027-8cf2-ea360b91d5e4 |
If you would like to attend the event in person, please register by filling in the forms.
Telephone participants located who are unable to pre-register may dial in to the respective number of their location (to be found here). The phone conference ID is the following: 101 606 640#
Capital Markets Day Oslo (Hotell Amerikalinjen, meeting room Haven, Jernbanetorget 2, 0154 Oslo - Norway)
| Webcast Information | |
| Event Type: | Hybrid conference call |
| Event Date: | 29 April 2025 |
| Event Time: | 14:00 CET |
| Event Title: | “Capital Markets Day” |
| Event Site/URL: | https://events.teams.microsoft.com/event/2d9bfc31-dae5-4f27-b826-a72bd831fa3e@d0b2b045-83aa-4027-8cf2-ea360b91d5e4 |
If you would like to attend the event in person, please register by filling in the forms.
Telephone participants located who are unable to pre-register may dial in to the respective number of their location (to be found here). The phone conference ID is the following: 153 389 295#
Announcement first quarter 2025 results – 14 May 2025
About CMB.TECH
CMB.TECH is a diversified and future-proof maritime group. We own and operate more than 150 seagoing vessels: crude oil tankers, dry bulk vessels, container ships, chemical tankers, offshore wind vessels and workboats. 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 specializing in the transportation of dry bulk cargoes. As of February 2025, the Golden Ocean fleet consists of 91 vessels, with an aggregate capacity of approximately 13.7 million deadweight tonnes. Golden Ocean’s ordinary shares are listed on the Nasdaq Global Select Market 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 and Golden Ocean desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and they are 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, CMB.TECH and Golden Ocean’s management's examination of historical operating trends, data contained in company records and other data available from third parties. Although management believes 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 CMB.TECH or Golden Ocean’s control, there can be no assurance that CMB.TECH or Golden Ocean will achieve or accomplish these expectations, beliefs or projections.
You are cautioned not to place undue reliance on CMB.TECH’s and Golden Ocean’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. Neither CMB.TECH nor Golden Ocean assumes any 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 intends to file with the SEC a registration statement on Form F–4 that will include a prospectus of CMB.TECH and a proxy statement of Golden Ocean. CMB.TECH and Golden Ocean also plan to file 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 WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND RELATED MATTERS. You may obtain a free copy of the proxy statement/prospectus (when it becomes available) and other relevant documents that CMB.TECH and Golden Ocean file 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?
When is the CMB.TECH-Golden Ocean merger expected to complete?
What will be the ownership structure after the CMBT merger?
How many vessels will the combined CMB.TECH-Golden Ocean fleet have?
What happens to Golden Ocean's stock exchange listings after the merger with CMBT?
