CMB Tech to acquire Golden Ocean in $1.5 billion stock deal

Belgian oil tanker group CMB Tech CMBT is set to acquire shipping firm Golden Ocean Group GOGL in a stock-for-stock deal valued at $1.5 billion, the companies said on Wednesday.

Upon completion of the deal, CMB Tech shareholders would own about 70% of the company, while Golden Ocean shareholders would own the remainder.

Golden Ocean will merge with the surviving entity CMB Tech Bermuda, a subsidiary of the Belgian company.

The deal is expected to be completed in the third quarter of this year, forming a maritime group with a combined fleet of approximately 250 vessels, according to the companies.

Golden Ocean Group, a dry bulk shipping company, will be delisted from Nasdaq and Euronext Oslo Bors. CMB Tech will stay listed on the NYSE and Euronext Brussels and plans for a secondary listing on Euronext Oslo Bors after the completion.