Golden Ocean Group Limited (GOGL) saw its stock price surge 6.42% in after-hours trading following the announcement of a merger agreement with CMB.TECH. The deal, unanimously approved by both companies' boards, aims to create a major diversified maritime group with a combined fleet of approximately 250 vessels.

Under the terms of the merger, Golden Ocean will merge with CMB.TECH Bermuda Ltd., a subsidiary of CMB.TECH, with the latter emerging as the surviving company. Golden Ocean shareholders will receive 0.95 newly issued CMB.TECH ordinary shares for each Golden Ocean share they hold. Post-merger, CMB.TECH shareholders will own about 70% of the total issued share capital, while Golden Ocean shareholders will retain approximately 30% ownership.

The merger is expected to significantly enhance the combined entity's market position. In a move that could further boost investor confidence, CMB.TECH plans to pursue a secondary listing on the Euronext Oslo Børs following the completion of the merger. However, the deal remains subject to customary conditions, including regulatory approvals and Golden Ocean shareholder approval. The positive market reaction suggests investors view the merger as a strategic move that could create substantial value for shareholders in the evolving maritime industry landscape.