Belgian oil tanker group CMB Tech is set to acquire shipping firm Golden Ocean Group 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 per cent 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.
(Reporting by Angela Christy in Bengaluru; Editing by Mohammed Safi Shamsi and Vijay Kishore)