Cool Company Ltd. (CLCO) entered a merger agreement on September 29, 2025, to be acquired by EPS Ventures Ltd in an all-cash deal valued at $1.85 billion.
EPS will acquire all of the outstanding shares of CoolCo that are not already held by EPS in exchange for $9.65 in cash per common share, representing a premium of 4.21% from the stock’s last close.
CoolCo is a Bermuda-based LNG shipping company that owns, operates, and manages a fleet of liquefied natural gas carriers and floating storage units, providing transportation and supply chain solutions for the global energy industry.
CoolCo will merge with a newly formed, wholly owned subsidiary of EPS.
The merger is expected to close during the fourth quarter of 2025 or the first quarter of 2026.
Last week, CoolCo announced that it was in advanced discussions with EPS Ventures regarding a potential transaction. The stock was trading at $7.77 per share before the company revealed that EPS had made an offer of $9.65 in cash per common share.
EPS currently owns 59.3% of the common shares outstanding of CoolCo.
Evercore will serve as CoolCo’s financial advisor, with Latham & Watkins providing legal advice. At the same time, EPS Ventures has selected Credit Agricole for financial guidance and Skadden, Arps, Slate, Meagher & Flom (UK) for legal counsel.
The acquisition is valued at 8.22 times the EBITDA of CoolCo.
For an in-depth look into the key metrics of this merger agreement, please follow the link below:
Deal Metrics for the acquisition of Cool Company Ltd. (CLCO) by EPS Ventures Ltd
The Deal Metrics page for each merger or acquisition includes:
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Editor’s Note: Baranjot Kaur contributed to this article