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ANTWERP - CMB.TECH NV (NYSE:CMBT, Euronext Brussels: CMBT, Euronext Oslo: CMBTO) announced Wednesday it has completed its stock-for-stock merger with Golden Ocean Group Limited, creating one of the world’s largest diversified maritime groups. The combined entity, currently valued at $1.7 billion, trades at an attractive P/E ratio of 4.03, according to InvestingPro data.
The merger, which received approval from 92.72% of Golden Ocean shareholders at yesterday’s special meeting, resulted in CMB.TECH issuing approximately 96 million new ordinary shares. Former Golden Ocean shareholders received 0.95 CMB.TECH shares for each Golden Ocean share they held.
The newly issued shares began trading Wednesday on Euronext Brussels, the New York Stock Exchange, and Euronext Oslo, where CMB.TECH established a secondary listing under the ticker symbol CMBTO.
According to the company, the combined entity now features a fleet of around 250 vessels, including dry bulk carriers, crude oil tankers, chemical tankers, container ships, and specialized vessels. The fleet has a reported fair market value of approximately $11.1 billion and an average age of 6.1 years. InvestingPro analysis suggests the stock is currently undervalued, with last twelve months revenue reaching $1.05 billion. Subscribers can access 10+ additional ProTips and comprehensive valuation metrics for CMBT on the platform.
The company stated that more than 80 vessels in the combined fleet are hydrogen- and ammonia-ready, providing low-carbon fuel options. CMB.TECH also reported a contract backlog of approximately $3 billion.
"Today, we are delighted to close the merger between CMB.TECH and Golden Ocean," said Alexander Saverys, CEO of CMB.TECH. "In less than 18 months, we have transformed a pure play crude oil tanker company into a large and leading diversified and future-proof maritime group."
Yesterday was the last trading day for Golden Ocean shares on Nasdaq and Euronext Oslo. Settlement for former Golden Ocean shareholders will occur on August 21 for those registered in the Depository Trust Company and on August 22 for those registered in the Norwegian central securities depository.
Following the capital increase, CMB.TECH’s total share capital stands at $343,439,903.39 with 315,977,647 securities carrying voting rights.
The information in this article is based on a press release statement from CMB.TECH. Despite the stock’s significant decline of nearly 50% over the past year, the company maintains a notable dividend yield of 68.26%. For detailed analysis and future outlook, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers what really matters about CMBT through intuitive visuals and expert analysis.
In other recent news, CMB.TECH NV has announced progress on its merger with Golden Ocean Group Limited. A special general meeting is scheduled for August 19, 2025, where Golden Ocean shareholders will vote on the proposed stock-for-stock merger. Under the terms of the agreement, Golden Ocean shareholders will receive 0.95 CMB.TECH ordinary shares for each of their common shares, with customary adjustments. Upon completion, CMB.TECH plans to issue approximately 95.95 million new ordinary shares. This merger will create one of the world’s largest listed diversified maritime groups. The merger involves Golden Ocean merging into CMB.TECH Bermuda Ltd., a fully-owned subsidiary of CMB.TECH, with the latter emerging as the surviving entity. These developments represent significant strategic progress for both companies in expanding their maritime operations.
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