CMB.TECH, Golden Ocean merger edges closer to the finish line

Belgian shipowner CMB.TECH and dry bulk shipping company Golden Ocean Group (GOGL) have signed an agreement and plan for a stock-for-stock merger.

As disclosed, the transaction, which has been greenlit by Golden Ocean’s Board of Directors and CMB.TECH’s Supervisory Board, will see the former merge with and into CMB.TECH Bermuda, a wholly-owned subsidiary of the Belgian maritime industry player.

The merger is anticipated to result in what is described as “one of the largest listed diversified maritime groups in the world” with a combined fleet of roughly 250 vessels featuring technological solutions ‘crucial’ to maritime decarbonization such as dual fuel-fitted units.

Upon completion of this deal, GOGL will delist from the Nasdaq Global Select Market and Euronext Oslo Børs. CMB.TECH shareholders are expected to own around 70% of the total issued share capital of the company, while Golden Ocean shareholders would own approximately 30% of the total issued share capital of CMB.TECH.

As divulged, the consummation of the merger remains subject to customary conditions, including regulatory and Golden Ocean shareholder approval, among other factors. Moreover, should the relevant closing conditions be