Frontline reports fully funded acquisition of 24 modern VLCCs from Euronav NV (EURN) (18.27)
- Co announced that as an integrated solution to the strategic and structural deadlock in Euronav NV, Frontline has entered into agreements with Euronav to acquire a high-quality ECO fleet of 24 VLCCs with an average age of 5.3 years, for an aggregate purchase price of USD 2,350 million. The Acquisition is fully funded through the sale of Frontline's shares in Euronav to CMB NV ("CMB") and an attractive debt package as described below.
- In connection with the Acquisition, Frontline and Famatown Finance Limited have agreed to sell all their shares in Euronav (representing 26.12% of Euronav's issued shares) to CMB at a price of USD 18.43 per share. Following the acquisition of Euronav shares from Frontline and Famatown, CMB will own 49.05% of Euronav's issued shares (representing 53% of the voting rights in Euronav). The sale of the Euronav shares and the Acquisition set forth above are inter-conditional, and such inter-conditionality has to be approved by the Euronav shareholders meeting through a 50% +1 vote majority. The Acquisition is further conditional upon customary anti-trust approvals and expected to close in Q4 2023.