Euronav to acquire CMB.TECH for $1.25 billion

Belgian tanker shipping company Euronav NV and its controlling shareholder CMB NV have entered into a share purchase agreement for the acquisition of 100% of shares in cleantech maritime group CMB.TECH for $ 1.150 billion in cash.

Image credit Euronav

Euronav said that the move fits its renewed strategy of diversification, decarbonization, and accelerated optimization of its current crude oil tanker fleet.

As disclosed, the purchase price will be financed from the cash proceeds of the sale of part of the VLCC fleet to Frontline and includes $ 2.496 billion roll-over debt (bank, leasing and shipyard liabilities).

The duo believes the acquisition would create a ‘leading and future-proof shipping platform’ and a ‘key player in sustainable shipping.’

“CMB and Euronav believe that the addition of CMB.TECH to Euronav’s business will enable a flywheel strategy – positioning the group to tap into each step of the energy transition towards low carbon shipping, with a clear vision on value creation for its shareholders. Euronav’s older tanker tonnage provides excellent opportunities to recycle capital over time into more future-proof, attractive and diversified end-markets and contract types. In addition, Euronav’s current customer portfolio is located at the centre of the energy transition and looking for low-carbon tanker shipping services,” Euronav said.

“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 acquisition of CMB.TECH. This will allow the Company to rapidly and meaningfully execute its diversification and decarbonization strategy,” Alexander Saverys, Euronav’s and CMB’s CEO, said.

Related Article

The transaction is also subject to important conditions, including approval by a special general meeting of Euronav’s shareholders and customary waivers. Euronav and CMB expect to close the acquisition in February 2024.


CMB.TECH 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.

The company offers hydrogen and ammonia fuel that it either produces or sources from external produces to its customers. CMB.TECH is active throughout the full hydrogen value chain through four different divisions: Marine, Technology & Development, H2 infra, and Industry.

The value creation of the new strategy is driven by CMB.TECH’s “future-proof” (or low-carbon emitting) fleet of 106 low-carbon vessels, of which 46 are under construction.

Namely, the company’s largest division is the marine division. It builds, owns, operates and designs a wide range of low and zero-carbon ships powered by dual-fuel diesel-hydrogen and diesel-ammonia and monofuel hydrogen engines: offshore wind support vessels, dry bulk vessels, container vessels, chemical tankers, and others (tugboats and ferries).

The H2 infra division acts as a flywheel for both the Marine and Industry division – supporting that the green hydrogen and green ammonia value chain is a distinct part of a financially sustainable solution for the energy transition.

CMB.TECH’s Industry division develops hydrogen powered heavy-duty industrial applications. The advanced technology allows the conversion of existing diesel engines into dual-fuel and monofuel engines. The engines include high-speed options for smaller-scale applications, as well as medium-speed and slow-speed engines for marine and heavy-duty applications.

Mandatory takeover offer update

On 27 November 2023, CMB filed a takeover offer on all outstanding Euronav shares with the offer price amounting to $18.43 per share.

CMB intends to maintain Euronav’s listing on Euronext Brussels and the New York Stock Exchange, and has no intention to launch a squeeze-out bid following the closing of the offer.

Given the company’s strong focus on decarbonization following the implementation of its new strategy and the CMB.TECH acquisition, Euronav intends to propose to its shareholders to change its corporate name to CMB.TECH.

It envisages keeping the “Euronav” name as the brand name for its tanker division.