Frontline to acquire 24 VLCCs from Euronav in USD2.35bn deal.
NORDIC BUSINESS REPORT-October 9, 2023-Frontline to acquire 24 VLCCs from Euronav in USD2.35bn deal
(C)2023 M2 COMMUNICATIONS http://www.m2.co.uk
Oil tanker shipping company Frontline plc (NYSE:FRO) (OSE:FRO) announced on Monday an agreement to acquire a high-quality ECO fleet of 24 Very Large Crude Carriers (VLCCs) from tanker company Euronav NV (NYSE:EURN) (Euronext Brussels:EURN) for an aggregate purchase price of USD2.35bn.
These VLCCs have an average age of 5.3 years and include nine scrubber-fitted vessels, enhancing Frontline's fleet.
In connection with this acquisition, Frontline and Famatown Finance Limited will sell their shares in Euronav to CMB NV (amounting to 26.12% of Euronav's issued shares) at a price of USD18.43 per share. Following the sale, CMB will hold 49.05% of Euronav's issued shares, representing 53% of the voting rights, subject to...
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