Belgian tanker shipping company Euronav NV, alongside controlling shareholder CMB NV, has entered a share purchase agreement to acquire 100% of shares in cleantech maritime group CMB.TECH for a staggering $1.150 billion in cash.
Euronav envisions the acquisition as a catalyst for creating a leading and future-proof shipping platform, positioning itself as a key player in sustainable shipping. The move is not merely a financial transaction but a strategic play to tap into every phase of the energy transition towards low carbon shipping. The company’s commitment to value creation for shareholders is evident in its strategic vision that embraces diversification and decarbonization.
At the heart of this billion-dollar deal lies CMB.TECH, a cleantech maritime group that designs, builds, owns, and operates large marine and industrial applications fueled by dual-fuel diesel-hydrogen, diesel-ammonia engines, and monofuel hydrogen engines. With a focus on the entire hydrogen value chain, CMB.TECH boasts four divisions: Marine, Technology & Development, H2 Infra, and Industry.
CMB.TECH’s Marine division is a powerhouse, developing a fleet of 106 low-carbon vessels, including offshore wind support vessels, dry bulk vessels, container vessels, chemical tankers, tugboats, and ferries. These vessels operate on advanced engines capable of running on dual-fuel diesel-hydrogen and diesel-ammonia, contributing significantly to the low-carbon future of shipping.
The H2 Infra division acts as a crucial element supporting the green hydrogen and ammonia value chain, ensuring financial sustainability in the energy transition. Meanwhile, the Industry division focuses on heavy-duty industrial applications, revolutionizing existing diesel engines into dual-fuel and monofuel engines. This innovative technology spans high-speed, medium-speed, and slow-speed engines, catering to diverse marine and heavy-duty applications.
The acquisition is subject to several conditions, including approval by a special general meeting of Euronav’s shareholders and customary waivers. Euronav and CMB anticipate closing the acquisition in February 2024. Notably, CMB has filed a takeover offer for all outstanding Euronav shares, emphasizing its commitment to maintaining Euronav’s listing and branding its tanker division under the trusted “Euronav” name.
