CMB.TECH and Golden Ocean Group have agreed to a stock-for-stock merger that would create one of the world’s largest listed maritime groups, boasting a combined fleet of over 250 vessels.
Under the proposed terms, Golden Ocean shareholders will receive 0.95 shares of CMB.TECH for each share they hold, with CMB.TECH emerging as the surviving entity.
The boards of both companies, including a special committee of disinterested directors from Golden Ocean, have unanimously approved the term sheet. DNB Markets, acting as financial advisor to Golden Ocean, has deemed the exchange ratio fair.
Once finalized, CMB.TECH shareholders would own approximately 70 percent of the merged company, while Golden Ocean shareholders would hold about 30 percent. The merger would significantly expand the companies’ collective reach across five shipping divisions and push the fleet’s estimated value beyond 11 billion dollars.
“This merger is a major step in building a world-class diversified maritime group”, says Alexander Saverys, CEO of CMB.TECH. “It strengthens our position, expands our fleet, and supports our decarbonization strategy.”
Golden Ocean CEO Peder Simonsen adds: “The merger offers us the chance to be part of a larger, modern, and more diversified maritime platform with broader customer offerings and long-term value creation for shareholders.”
Pending regulatory and shareholder approvals, the companies aim to finalize the agreement in Q2 and complete the merger by Q3 2025. Upon completion, Golden Ocean will delist from NASDAQ and Euronext Oslo, while CMB.TECH will retain its listings on the NYSE and Euronext Brussels and seek a secondary listing in Oslo.
