- Euronav, the Belgian tanker operator, has finalized the acquisition of 100% shares in CMB.TECH for $1.15 billion in cash.
- The acquisition aligns with Euronav’s new strategy focusing on diversification, decarbonization, and optimizing its crude oil tanker fleet.
- CMB.TECH possesses a fleet of 106 low-carbon vessels, with 46 under construction, which Euronav views as ‘future-proof.’
- Euronav proposes to change its corporate name to CMB.TECH post-transaction, while retaining ‘Euronav’ as the brand name for its tanker division.
- Euronav emphasizes the significance of the acquisition for the industry’s sustainability, stating it marks a crucial step towards a greener future for maritime activities.
- The acquisition will be funded through the cash proceeds from the sale of a portion of the Very Large Crude Carrier (VLCC) fleet to Frontline.
Euronav Completes Acquisition Of CMB.TECH
Euronav, the Belgian tanker operator, has finalized the purchase of CMB.TECH, a cleantech maritime group, acquired all its shares for $1.15 billion in cash.
The transaction is part of Euronav’s renewed strategy of diversification, decarbonization, and accelerated optimization of its current crude oil tanker fleet, driven by CMB.TECH’s ‘future-proof’ fleet of 106 low-carbon vessels, of which 46 are under construction.
It was first announced in December 2023 and also entails Euronav’s proposal to change its corporate name to CMB.TECH following the completion of the transaction and the offer. The company added it plans to keep the ‘Euronav’ name as the brand name for its tanker division.
Euronav’s Green Vision
“This is an important step towards a sustainable future for the shipping industry. Together with CMB.TECH, we are ready to embark on a journey towards decarbonization, pioneering a greener future of maritime activities,” Euronav said in a statement.
The acquisition will be financed from the cash proceeds of the sale of part of the VLCC fleet to Frontline, as previously announced. The transaction includes $2.49 billion roll-over debt through bank, leasing, and shipyard liabilities.
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Source: marinelink
