GOGL - Merger Between CMB.Tech and Golden Ocean
Golden Ocean Group (NASDAQ: GOGL) and CMB.TECH NV (NYSE: CMBT) have announced a stock-for-stock merger agreement, with CMB.TECH as the surviving entity. The merger will be executed at an exchange ratio of 0.95 CMB.TECH shares for each Golden Ocean share, subject to adjustments.
Upon completion, CMB.TECH shareholders will own approximately 70% of the combined company, while Golden Ocean shareholders will hold 30%. The merger will create one of the largest diversified maritime groups globally, operating a fleet of over 250 vessels with a combined fleet value exceeding $11 billion.
The transaction, unanimously approved by both companies' boards, is expected to complete in Q3 2025. Following the merger, Golden Ocean will delist from NASDAQ and Euronext Oslo Børs, while CMB.TECH will maintain its NYSE and Euronext Brussels listings and pursue a secondary listing on Euronext Oslo Børs.
Golden Ocean Group (NASDAQ: GOGL) e CMB.TECH NV (NYSE: CMBT) hanno annunciato un accordo di fusione tramite scambio azionario, con CMB.TECH come entità sopravvissuta. La fusione sarà realizzata con un rapporto di cambio di 0,95 azioni CMB.TECH per ogni azione Golden Ocean, soggetto a possibili aggiustamenti.
Al completamento, gli azionisti di CMB.TECH deterranno circa il 70% della società combinata, mentre quelli di Golden Ocean il 30%. La fusione darà vita a uno dei più grandi gruppi marittimi diversificati a livello globale, con una flotta di oltre 250 navi e un valore complessivo superiore a 11 miliardi di dollari.
L’operazione, approvata all’unanimità dai consigli di amministrazione di entrambe le società, è prevista per il terzo trimestre del 2025. Dopo la fusione, Golden Ocean sarà rimossa dalle quotazioni NASDAQ e Euronext Oslo Børs, mentre CMB.TECH manterrà le quotazioni NYSE e Euronext Brussels, puntando anche a una seconda quotazione su Euronext Oslo Børs.
Golden Ocean Group (NASDAQ: GOGL) y CMB.TECH NV (NYSE: CMBT) han anunciado un acuerdo de fusión mediante intercambio de acciones, con CMB.TECH como la entidad resultante. La fusión se llevará a cabo con una proporción de canje de 0,95 acciones de CMB.TECH por cada acción de Golden Ocean, sujeto a ajustes.
Al completarse, los accionistas de CMB.TECH poseerán aproximadamente el 70% de la compañía combinada, mientras que los accionistas de Golden Ocean tendrán el 30%. La fusión creará uno de los grupos marítimos diversificados más grandes del mundo, con una flota de más de 250 embarcaciones y un valor total de flota que supera los 11 mil millones de dólares.
La transacción, aprobada por unanimidad por las juntas directivas de ambas compañías, se espera que se complete en el tercer trimestre de 2025. Tras la fusión, Golden Ocean se retirará de NASDAQ y Euronext Oslo Børs, mientras que CMB.TECH mantendrá sus cotizaciones en NYSE y Euronext Brussels, y buscará una cotización secundaria en Euronext Oslo Børs.
골든 오션 그룹 (NASDAQ: GOGL)과 CMB.TECH NV (NYSE: CMBT)가 주식 교환 합병 계약을 발표했으며, CMB.TECH가 존속 법인이 됩니다. 합병은 골든 오션 주식 1주당 CMB.TECH 주식 0.95주 교환 비율로 진행되며, 조정이 있을 수 있습니다.
합병 완료 시 CMB.TECH 주주가 합병 회사의 약 70%를 보유하고, 골든 오션 주주는 30%를 보유하게 됩니다. 이번 합병으로 250척 이상의 선박을 운영하는 전 세계 최대 규모의 다각화된 해운 그룹 중 하나가 탄생하며, 선박 총 가치는 110억 달러를 초과합니다.
양사 이사회가 만장일치로 승인한 이번 거래는 2025년 3분기 완료될 예정입니다. 합병 후 골든 오션은 NASDAQ 및 Euronext Oslo Børs 상장 폐지되며, CMB.TECH는 NYSE 및 Euronext Brussels 상장을 유지하고 Euronext Oslo Børs에 2차 상장을 추진할 계획입니다.
Golden Ocean Group (NASDAQ : GOGL) et CMB.TECH NV (NYSE : CMBT) ont annoncé un accord de fusion par échange d’actions, avec CMB.TECH en tant qu’entité survivante. La fusion sera réalisée à un ratio d’échange de 0,95 action CMB.TECH pour chaque action Golden Ocean, sous réserve d’ajustements.
À l’issue de la fusion, les actionnaires de CMB.TECH détiendront environ 70 % de la société combinée, tandis que ceux de Golden Ocean en posséderont 30 %. Cette fusion donnera naissance à l’un des plus grands groupes maritimes diversifiés au monde, exploitant une flotte de plus de 250 navires d’une valeur totale supérieure à 11 milliards de dollars.
La transaction, approuvée à l’unanimité par les conseils d’administration des deux sociétés, devrait être finalisée au troisième trimestre 2025. Après la fusion, Golden Ocean sera retirée des cotations NASDAQ et Euronext Oslo Børs, tandis que CMB.TECH conservera ses cotations au NYSE et à Euronext Brussels et visera une cotation secondaire à Euronext Oslo Børs.
Golden Ocean Group (NASDAQ: GOGL) und CMB.TECH NV (NYSE: CMBT) haben eine Aktientausch-Fusionsvereinbarung bekanntgegeben, wobei CMB.TECH als übernehmendes Unternehmen fungiert. Die Fusion wird zu einem Umtauschverhältnis von 0,95 CMB.TECH-Aktien für jede Golden Ocean-Aktie durchgeführt, vorbehaltlich Anpassungen.
Nach Abschluss werden die Aktionäre von CMB.TECH etwa 70 % des kombinierten Unternehmens besitzen, während die Aktionäre von Golden Ocean 30 % halten werden. Die Fusion schafft eine der weltweit größten diversifizierten Schifffahrtsgruppen mit einer Flotte von über 250 Schiffen und einem Gesamtflottenwert von mehr als 11 Milliarden US-Dollar.
Die Transaktion, die von den Vorständen beider Unternehmen einstimmig genehmigt wurde, soll im dritten Quartal 2025 abgeschlossen werden. Nach der Fusion wird Golden Ocean von NASDAQ und Euronext Oslo Børs delistet, während CMB.TECH seine Notierungen an der NYSE und Euronext Brussels beibehält und eine Zweitnotierung an der Euronext Oslo Børs anstrebt.
- Creation of one of the largest diversified maritime groups with fleet value over $11 billion
- Complementary fleet combination creating one of the largest modern dry bulk fleets
- Enhanced market capitalization and share liquidity
- Improved operational scale with over 250 vessels
- Strategic positioning for decarbonization opportunities
- Golden Ocean shareholders will become minority stakeholders with only 30% ownership
- Delisting from current exchanges may affect some institutional investors
- Transaction completion subject to multiple regulatory and shareholder approvals
- Integration risks and potential operational challenges
Insights
GOGL-CMB.TECH merger creates maritime giant with significant premium for GOGL shareholders based on net asset values, not market prices.
The announced term sheet between Golden Ocean and CMB.TECH outlines a stock-for-stock merger that would create one of the largest maritime groups globally. The exchange ratio of 0.95 CMB.TECH shares for each Golden Ocean share values GOGL at
This transaction would establish a maritime powerhouse with over 250 vessels and a combined fleet value exceeding
Post-merger ownership structure allocates
For Golden Ocean shareholders, this offers participation in a substantially larger, more diversified maritime operation with enhanced market presence and potentially improved share liquidity. The combined entity would maintain listings on the NYSE and Euronext Brussels, with plans for a secondary listing on Euronext Oslo Børs.
The merger faces several hurdles before completion in Q3 2025, including due diligence, definitive agreements, regulatory approvals, and shareholder votes. While not guaranteed to close on these terms, the transaction represents significant industry consolidation in the dry bulk sector, with additional strategic positioning around decarbonization capabilities mentioned by CMB.TECH leadership as a forward-looking advantage.
HAMILTON, Bermuda, 22 April, 2025, 10.30 pm CET – Golden Ocean Group Limited (NASDAQ: GOGL & Euronext Oslo Børs: GOGL) (“Golden Ocean”) and CMB.TECH NV (NYSE: CMBT & Euronext Brussels: CMBT) (“CMB.TECH”) are pleased to announce that they have signed a term sheet (the “Term Sheet”) for a contemplated stock-for-stock merger, with CMB.TECH as the surviving entity, based on an exchange ratio of 0.95 shares of CBM.TECH for each share of Golden Ocean (the "Exchange Ratio"), subject to customary adjustments.
The Term Sheet has been unanimously approved by Golden Ocean’s Board of Directors, including its special transaction committee composed of disinterested directors (the "Transaction Committee"), and by CMB.TECH’s Supervisory Board. As part of this, the Transaction Committee has received a fairness opinion from its financial advisor DNB Markets, part of DNB Bank ASA, concluding that the Exchange Ratio is fair from a financial point of view to Golden Ocean’s shareholders.
The transaction would be structured as a merger with Golden Ocean merging with and into CMB.TECH Bermuda Ltd., a wholly-owned subsidiary of CMB.TECH (the “Merger”). Existing shares of Golden Ocean, which are not (directly or indirectly) owned by CMB.TECH, will be cancelled and ultimately exchanged for newly issued CMB.TECH shares at an exchange ratio of 0.95 shares of CBM.TECH for each share of Golden Ocean, subject to customary adjustments, including to reflect share buybacks, share issuances and/or dividend distributions that may take place prior to completion of the Merger. Upon completion of the Merger, 95,952,934 new shares of CMB.TECH would be issued, whereby CMB.TECH shareholders would own approximately
The Merger will create one of the largest diversified listed maritime groups in the world with a combined fleet of more than 250 vessels.
The consummation of the Merger remains subject to customary conditions, including confirmatory due diligence, negotiation and execution of definitive transaction agreements, applicable board approvals, regulatory approvals, third-party consents, Golden Ocean shareholder approval, and effectiveness of a registration statement on Form F-4 to be filed by CMB.TECH with the U.S. Securities and Exchange Commission (“SEC”).
Upon completion of the Merger, Golden Ocean would delist from NASDAQ and Euronext Oslo Børs. CMB.TECH would remain listed on the New York Stock Exchange and Euronext Brussels and will pursue a secondary listing on the Euronext Oslo Børs following and subject to completion of the Merger.
The parties aim to enter into definitive transaction agreements, including an agreement and plan of merger, during the second quarter of 2025 and to complete the Merger in the third quarter of 2025. Shareholders should be informed that definitive transaction agreements may not be entered into on the indicated terms mentioned herein, or at all.
Peder Simonsen, CEO of Golden Ocean, commented: "The proposed merger with CMB.TECH gives Golden Ocean a great opportunity to be part of a large diversified maritime group. Our fleet and CMB.TECH’s dry bulk vessels are very complementary and would create one of the largest and most modern dry bulk fleets in the world, including 87 modern Capesize and Newcastlemax vessels, with a favorable long-term outlook. If completed, the merged company will be one of the largest listed maritime groups both in terms of market capitalisation, net asset value and expected share liquidity. This transaction will allow us to offer an even broader service to our customers, a wide range of possibilities to our employees and last but not least the creation of long-term added value to our shareholders."
Carl Steen, Chairman of the Transaction Committee of Golden Ocean, commented: “The disinterested directors of Golden Ocean have analysed the values of both companies in a possible stock-for-stock merger. We have concluded unanimously that the proposed exchange ratio based on a net asset value of CMB.TECH of 15.23 USD per share and a value of 14.49 USD per Golden Ocean share is fair, and believe this proposed merger is in the best interests of the company and its stakeholders."
Alexander Saverys, CEO of CMB.TECH, commented: "By merging CMB.TECH and Golden Ocean, we would take another great step forward in building our leading diversified maritime group. Our fleet would grow to more than 250 modern vessels spread over five shipping divisions. The value of our fleet would reach more than 11 billion USD and, combined with our public listings and enhanced liquidity in our shares, we will have all the necessary firepower to continue to invest in our fleet and seize opportunities. Our focus on decarbonisation is starting to generate meaningful long-term contracts, and the recent IMO decisions on limiting greenhouse gas emissions from shipping give us even more wind (and ammonia) in our sails. It’s full speed ahead to decarbonise today to navigate tomorrow!"
For further information, reference is made to the presentation made available on the website of CMB.TECH
Capital Markets Days
To share more information, Golden Ocean and CMB.TECH will host Capital Markets Days in Antwerp, Belgium on 24 April 2025 (14:00 CET) and in Oslo, Norway on 29 April 2025 (14:00 CET).
The calls will be hybrid webcasts with an accompanying slideshow. You can find details of both conference calls, including the links to the conference calls below and on the websites of CMB.TECH and Golden Ocean.
The presentation and recordings of the Capital Market Days will be available on the websites of CMB.TECH and Golden Ocean.
Capital Markets Day Antwerp (CMB.TECH, meeting room Hull, Gerlachekaai 20, 2000 Antwerp - Belgium)
| Webcast Information | |
| Event Type: | Hybrid conference call |
| Event Date: | 24 April 2025 |
| Event Time: | 14:00 CET |
| Event Title: | “Capital Markets Day” |
| Event Site/URL: | https://events.teams.microsoft.com/event/3b5c75e0-80f2-4354-bb80-4a4b4d5b368a@d0b2b045-83aa-4027-8cf2-ea360b91d5e4 |
If you would like to attend the event in person, please register by filling in the forms.
Telephone participants who are unable to pre-register may dial in to the respective number of their location (to be found here). The phone conference ID is the following: 101 606 640#
Capital Markets Day Oslo (Hotell Amerikalinjen, meeting room Haven, Jernbanetorget 2, 0154 Oslo - Norway)
| Webcast Information | |
| Event Type: | Hybrid conference call |
| Event Date: | 29 April 2025 |
| Event Time: | 14:00 CET |
| Event Title: | “Capital Markets Day” |
| Event Site/URL: | https://events.teams.microsoft.com/event/2d9bfc31-dae5-4f27-b826-a72bd831fa3e@d0b2b045-83aa-4027-8cf2-ea360b91d5e4 |
If you would like to attend the event in person, please register by filling in the forms.
Telephone participants who are unable to pre-register may dial in to the respective number of their location (to be found here). The phone conference ID is the following: 153 389 295#
About Golden Ocean
Golden Ocean is a Bermuda incorporated shipping company specializing in the transportation of dry bulk cargoes. As of February 2025, the Golden Ocean fleet consists of 91 vessels, with an aggregate capacity of approximately 13.7 million deadweight tonnes. Golden Ocean’s ordinary shares are listed on the Nasdaq Global Select Market with a secondary listing on the Euronext Oslo Børs under the ticker symbol “GOGL”.
About CMB.TECH
CMB.TECH is a diversified and future-proof maritime group. We own and operate more than 150 seagoing vessels: crude oil tankers, dry bulk vessels, container ships, chemical tankers, offshore wind vessels and workboats. CMB.TECH also offers hydrogen and ammonia fuel to customers, through own production or third-party producers.
CMB.TECH is headquartered in Antwerp, Belgium, and has offices across Europe, Asia, United States and Africa.
CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol “CMBT”.
Advisors
DNB Markets, a part of DNB Bank ASA, is acting as financial advisor to Golden Ocean.
This information is considered inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and section 5 -12 of the Norwegian Securities Trading Act.
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. CMB.TECH and Golden Ocean desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and they are including this cautionary statement in connection with this safe harbor legislation. The words “believe”, “anticipate”, “intends”, “estimate”, “forecast”, “project”, “plan”, “potential”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, CMB.TECH and Golden Ocean’s management's examination of historical operating trends, data contained in company records and other data available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond CMB.TECH or Golden Ocean’s control, there can be no assurance that CMB.TECH or Golden Ocean will achieve or accomplish these expectations, beliefs or projections.
You are cautioned not to place undue reliance on CMB.TECH’s and Golden Ocean’s forward-looking statements. These forward-looking statements are and will be based upon management's then-current views and assumptions regarding future events and operating performance and are applicable only as of the dates of such statements. Neither CMB.TECH nor Golden Ocean assumes any duty to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, as of any future date.
Disclaimer
Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. Persons distributing this communication must satisfy themselves that it is lawful to do so. The potential transactions described in this announcement and the distribution of this announcement and other information in connection with the potential transactions in certain jurisdictions may be restricted by law and persons into whose possession this announcement, any document or other information referred to herein comes should inform themselves about, and observe, any such restrictions.
This announcement is not a recommendation in favor of the proposed merger described herein. In connection with the proposed merger, CMB.TECH intends to file with the SEC a registration statement on Form F–4 that will include a prospectus of CMB.TECH and a proxy statement of Golden Ocean. CMB.TECH and Golden Ocean also plan to file other relevant documents with the SEC regarding the proposed merger. YOU ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND RELATED MATTERS. You may obtain a free copy of the proxy statement/prospectus (when it becomes available) and other relevant documents that CMB.TECH and Golden Ocean file with the SEC at the SEC’s website at www.sec.gov.
FAQ
What is the exchange ratio for the GOGL and CMB.TECH merger?
How many vessels will the combined GOGL-CMB.TECH fleet have after merger?
When is the GOGL-CMB.TECH merger expected to complete?
What will happen to GOGL's stock market listing after the merger?
What is the ownership structure after the GOGL-CMB.TECH merger?
