Core Viewpoint - Hemen Holding Limited has agreed to sell approximately 40.8% of its shares in Golden Ocean Group Limited to CMB.TECH for about USD 1,179 million, marking a significant transaction in the drybulk shipping industry [1][2]. Group 1: Transaction Details - The transaction involves the sale of 81,363,730 shares, which constitutes around 40.8% of Golden Ocean's outstanding shares and votes [1]. - The total consideration for the transaction is approximately USD 1,179 million [1]. - The transaction is exempt from registration under the U.S. Securities Act of 1933 and will not trigger a mandatory takeover bid in any jurisdiction [2]. Group 2: Company Background - Hemen has played a crucial role in the development of Golden Ocean since its spin-off from Frontline in 2004, leading to its listing on the Oslo Stock Exchange and subsequent merger with Knightsbridge on NASDAQ [3]. - Golden Ocean has expanded its fleet from 3 to 91 vessels, becoming one of the largest listed owners of large modern drybulk vessels, and has returned approximately USD 2 billion in dividends to shareholders since 2004 [3]. Group 3: Future Outlook - The transaction is not subject to any conditions and is expected to be completed on March 12, 2025 [4]. - CMB.TECH's acquisition reflects its recognition of the strength and value of the Golden Ocean platform and its employees [4].
Hemen sells stake in Golden Ocean to CMB.TECH