Belgian oil tanker group CMB.TECH NV (CMBT) entered a merger agreement on May 28, 2025, to acquire Bermuda-based shipping firm Golden Ocean Group Limited (GOGL) in an all-stock deal valued at $3.16 billion.
Under the terms of the agreement, Golden Ocean will merge with and into CMB.TECH Bermuda, a wholly-owned subsidiary of CMB.TECH, with CMB.TECH Bermuda to remain as the surviving company.
Each outstanding common share of Golden Ocean will be exchanged for newly issued CMB.TECH ordinary shares at an exchange ratio of 0.95 ordinary shares of CMB.TECH for each common share of Golden Ocean, representing a deal value of $8.46 per share, which is at an 18% premium from the stock’s last close.
Upon completion of the merger, CMB.TECH would issue about 95.95 million new ordinary shares.
Golden Ocean is a Bermuda-based shipping company that owns and operates a global fleet of over 90 dry bulk vessels, transporting commodities such as ores, coal, grains, and fertilizers across the spot and time charter markets.
CMB.TECH is a diversified maritime group based in Antwerp, Belgium, operating a fleet of over 160 vessels across multiple segments and developing green hydrogen and ammonia solutions through its Marine, H2 Infra, and H2 Industry divisions.
Golden Ocean and CMB.TECH signed a term sheet in April outlining a proposed stock-for-stock merger. Before that announcement, Golden Ocean’s stock was trading at $7.04.
The merger will create one of the world’s largest publicly listed, diversified maritime groups, with a combined fleet of approximately 250 vessels.
Upon completion of the merger, expected in the third quarter of 2025, CMB.TECH shareholders will own about 70% of the total issued share capital, while Golden Ocean shareholders will own the remaining 30%.
DNB Carnegie, a part of DNB Bank ASA, acted as financial advisor to Golden Ocean, with legal counsel provided by Seward & Kissel, Advokatfirmaet Schjødt, A&O Shearman, and MJM Limited. For CMB.TECH NV, financial advice was provided by Crédit Agricole Corporate and Investment Bank, ING Belgium, KBC Securities, and Société Générale, while Seward & Kissel, Argo Law, Advokatfirmaet BAHR, and Conyers Dill & Pearman provided legal counsel.
CMB.TECH is paying 8.81 times EBITDA for Golden Ocean.
For further information on this merger and acquisition transaction, please visit the Deal Metrics page here:
Deal Metrics for the acquisition of Golden Ocean Group Limited (GOGL) by CMB.TECH NV (CMBT)
The Deal Metrics page for each merger or acquisition includes:
– A spread history chart of the merger from announcement through eventual completion or failure.
– Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And a whole lot more.
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Editor’s Note: Baranjot Kaur contributed to this article