- Golden Ocean Group (GOGL, Financial) and CMB.TECH (CMBT) announce merger to form a leading maritime group.
- Post-merger, CMB.TECH shareholders to own 70% of the combined entity, while GOGL shareholders will hold 30%.
- Transaction expected to complete in Q3 2025, with Golden Ocean delisting from NASDAQ and Euronext Oslo Børs.
Golden Ocean Group Limited (GOGL) and CMB.TECH NV (CMBT) have agreed to a stock-for-stock merger, forming one of the largest diversified maritime groups with over 250 vessels. The merger will be based on an exchange ratio of 0.95 CMB.TECH shares for each Golden Ocean share, subject to customary adjustments. Once completed, CMB.TECH shareholders will own approximately 70% of the new entity, with Golden Ocean shareholders holding 30%.
Both companies' boards have unanimously approved the merger, aiming for completion by the third quarter of 2025. Golden Ocean will be delisted from NASDAQ and Euronext Oslo Børs, while CMB.TECH will retain its listings on NYSE and Euronext Brussels, seeking a secondary listing on Euronext Oslo Børs.
The merger will result in a combined fleet valued at over $11 billion, including 87 modern Capesize and Newcastlemax vessels. This strategic move aligns with both companies' efforts to enhance their market presence and capabilities, particularly in pursuing decarbonization opportunities.
The merger faces several conditions before closure, including regulatory approvals and shareholder votes. Golden Ocean shareholders are expected to benefit from increased market capitalisation and share liquidity within a considerably larger operation.
