Golden Ocean Group Limited (NASDAQ:GOGL) witnessed a significant soar of 7.06% in its stock price during the 24 hours leading up to the post-market session on Tuesday. This surge is attributed to CMB.TECH's announcement of acquiring a substantial stake in the shipping company.
CMB.TECH NV, a diversified maritime and technology group, revealed that it has entered into a share purchase agreement with Hemen Holding Limited. Under the agreement, CMB.TECH will acquire 81,363,730 shares in Golden Ocean, representing approximately 40.8% of Golden Ocean's outstanding shares and votes controlled by Hemen.
The acquisition will be made at a price of $14.49 per share, valuing the total consideration at around $1.18 billion. Notably, this transaction will not trigger a mandatory takeover bid or similar offer in any jurisdiction. CMB.TECH has expressed its intention to become a long-term shareholder in Golden Ocean and invest in the company's modern dry bulk fleet.
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