CMB.Tech (CMBT) saw its stock price surge 6.62% in a 24-hour period, following a significant announcement that has reshaped the maritime industry landscape. The company revealed plans for a stock-for-stock merger with Golden Ocean Group (GOGL), a move set to create a maritime powerhouse with a combined fleet of approximately 250 vessels.

Under the terms of the merger agreement, Golden Ocean will be integrated into CMB.Tech Bermuda, a subsidiary of CMB.Tech. The deal structure offers Golden Ocean shareholders 0.95 new CMB.Tech shares for each share they hold. This arrangement will result in CMB.Tech shareholders owning about 70% of the merged entity, with Golden Ocean investors holding the remaining 30%.

The boards of both companies have given their stamp of approval to the merger, which is anticipated to reach completion in the third quarter of this year. The market's positive reaction to this strategic move was evident in the after-hours trading session, where CMB.Tech's shares initially climbed 3.7%. The substantial 6.62% increase over the 24-hour period reflects investors' optimism about the merger's potential to enhance CMB.Tech's market position and future growth prospects in the maritime sector.