CMB.TECH and Golden Ocean Group have signed an agreement and plan of merger for a stock-for-stock merger, as contemplated by the term sheet previously announced on April 22.
The transaction is structured as a merger, with Golden Ocean merging with and into CMB.TECH Bermuda, a wholly-owned subsidiary of CMB.TECH, with CMB.TECH Bermuda as the surviving company.
The merger will create one of the largest listed diversified maritime groups in the world with a combined fleet of approximately 250 vessels.
CMB.TECH’s strategy of diversification and decarbonization was in full swing in Q1 2025, with the company taking delivery of five newbuildings and announcing the sale of three older tankers.
Upon completion of the merger, CMB.TECH shareholders would own approximately 70% of the total issued share capital of CMB.TECH and Golden Ocean shareholders would own approximately 30%.
Assuming timely fulfillment of the relevant closing conditions, the parties aim to complete the merger in the third quarter of 2025.