April 19, 2022 | Industrials | Europe | Active

Euronav / Frontline: Deal Insights


On 7-Apr-22, global tanker majors Euronav and Frontline announced plans to merge, in a deal that would create the world’s largest oil tanker fleet by capacity. The companies have yet to sign a definitive merger agreement, but they expect to do so in a month as the merger has been approved by both companies’ boards. The terms will entail an exchange ratio of 1.45 Frontline shares for each Euronav share. Given Euronav’s market cap is over 40% larger that Frontline’s, Euronav shareholders will hold 59% of the new entity and Frontline shareholders will own the remaining 41%. Frontline is headquartered in Oslo, incorporated in Bermuda, and its primary listing on the NYSE has around twice the liquidity as the secondary listing on Oslo Børs. The exchange ratio offers a...



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