Euronav wins green light for CMB.TECH’s acquisition

Euronav NV, the Belgian tanker shipping company, has secured approval for the acquisition of 100% of shares in cleantech maritime group CMB.TECH during a Special General Meeting held on February 7, 2024.

Illustration; Photo by: Euronav

The transaction, valued at $1.150 billion in cash, comes at a time of strategic transformation for the company.

“This is an important step towards a sustainable future for the shipping industry. Together with CMB.TECH, we are ready to embark on a journey towards decarbonization, pioneering a greener future of maritime activities,” Euronav said.

The acquisition was announced in December 2023 and Euronav revealed that it would finance the deal from the cash proceeds of the sale of part of the very large crude carrier fleet to Frontline.

The strategic move aligns with Euronav’s renewed focus on diversification, decarbonization, and fleet optimization as Euronav wants to play a pivotal role in sustainable shipping.

CMB.TECH operates throughout the full hydrogen value chain with divisions in Marine, Technology & Development, H2 infra, and Industry. Its marine division focuses on low and zero-carbon ships, including offshore wind support vessels, dry bulk vessels, container vessels, chemical tankers, tugboats, and ferries. The H2 infra division supports the green hydrogen and green ammonia value chain, while the Industry division develops hydrogen-powered heavy-duty industrial applications.

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The acquisition comes at a time when CMB has filed a takeover offer for all outstanding Euronav shares, with a proposed price of $18.43 per share. Despite the acquisition, CMB intends to maintain Euronav’s listing on Euronext Brussels and the New York Stock Exchange.

Euronav plans to propose a change in its corporate name to CMB.TECH, reflecting the company’s strong focus on decarbonization.