Euronav set to acquire CMB.TECH
Written by Nick Blenkey
Alexander Saverys, Euronav’s and CMB’s CEO: “We are pleased to announce another significant milestone for Euronav.”
The Saverys family is continuing with the reshaping of Euronav (NYSE:EURN) following the deal that saw 24 of the company’s VLCCs being transferred to John Fredriksen’s Frontline, resolving a long-running merger battle, Euronav, whose controlling shareholder is now the Saverys family controlled CMB NV, on Friday, reached an agreement to acquire CMB’s clean tech division, CMB.TECH NV, for $1.15 billion in cash. The purchase price will be financed from the cash proceeds of the sale of the 24 VLCCs. .
Alexander Saverys, Euronav’s and CMB’s CEO, stated: “After having reached an agreement
with Famatown Finance Limited and Frontline plc on the strategic and structural deadlock for
Euronav, we are pleased to announce another significant milestone for Euronav with the
allow the company to rapidly and meaningfully execute its diversification and decarbonization strategy.”
CMB.TECH is a diversified clean tech maritime group. It builds, owns, operates and designs large marine and industrial applications that run on dual-fuel diesel-hydrogen and diesel-ammonia engines and monofuel hydrogen engines. CMB.TECH offers hydrogen and ammonia fuel that it either produces or sources from external produces to its customers. It is active throughout the full hydrogen value chain through four different divisions: Marine, Technology & Development, H2 infra, and Industry.
You can read the finer details of the transaction, which is subject to conditions that include approval by a special general meeting of Euronav’s shareholders, HERE.
Euronav intends to propose to its shareholders a change of its corporate name to CMB.TECH following completion of the deal but envisages keeping the “Euronav” name as the brand name for its tanker division.
