Golden Ocean Group and CMB.TECH have agreed to a proposed stock-for-stock merger, with CMB.TECH as the surviving company.
Upon completion, CMB.TECH will issue 95.95 million new shares, with CMB.TECH shareholders owning 70 per cent of the merged company and Golden Ocean shareholders holding 30 per cent.
The merger will reportedly form one of the world’s largest diversified listed maritime groups, with a combined fleet of over 250 vessels.
Following the merger, Golden Ocean will delist from NASDAQ and Euronext Oslo Børs, while CMB.TECH will stay listed on the NYSE and Euronext Brussels, and plans to pursue a secondary listing on Euronext Oslo Børs post-merger.
The parties aim to finalise merger agreements in Q2 2025 and complete the deal by Q3. However, Golden Ocean noted that the terms may change.
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Peder Simonsen, CEO of Golden Ocean, said: “The proposed merger with CMB.TECH gives Golden Ocean a great opportunity to be part of a large, diversified maritime group. Our fleets are very complementary and would create one of the largest and most modern dry bulk fleets in the world.
“If completed, the merged company will be one of the largest listed maritime groups… offering broader service to customers, more opportunities for employees, and long-term value for shareholders.”
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Alexander Saverys, CEO of CMB.TECH, stated: “By merging CMB.TECH and Golden Ocean, we take a great step in building our diversified maritime group. Our fleet would exceed 250 modern vessels across five divisions, valued at over $11 billion.
“With public listings and increased share liquidity, we’ll have the firepower to invest and seize opportunities. Our focus on decarbonisation is generating long-term contracts, and recent IMO decisions give us more wind (and ammonia) in our sails.”
