The Saverys family-controlled Compagnie Maritime Belge (CMB) has officially made its move to join one of Europe’s best-known tanker brands Euronav and its cleantech division, CMB.TECH.
In a $1.15bn cash deal, the Antwerp-based dual-listed tanker giant with a fleet of 48 ships will buy a diversified group comprised of four divisions that among other things builds, owns, operates and designs ships in offshore wind support, dry bulk, container, chemical tanker, and other segments powered by dual-fuel diesel-hydrogen and diesel-ammonia and monofuel hydrogen engines.
CMB said the transaction fits into Euronav’s renewed strategy of diversification, decarbonisation and accelerated optimisation of the company’s current tanker fleet and that Euronav would finance the deal from the cash proceeds of the sale of part of the VLCC fleet to Frontline which was agreed in October.
“After having reached an agreement with Famatown Finance and Frontline 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 decarbonisation strategy,” said Alexander Saverys, chief executive of Euronav and CMB.
The value creation of the new strategy is driven by CMB.TECH’s or low carbon emitting fleet of 106 low-carbon vessels, of which 46 are under construction.
“The parties believe that the Transaction will lead to the creation of the leading, future proof shipping platform, with the company becoming the reference 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,” the companies the companies said in a statement.
The deal is subject to approval by a special general meeting of Euronav’s shareholders and is expected to close in February 2024. The company would be named CMB.TECH with Euronav brand remaining as part of its tanker division.