Belgian tanker group Euronav and Oslo-based listed company Frontline have agreed to merge in a deal valued at $ 4.2 billion.
Euronav shareholders will control 59% of the new tanker group while Frontline shareholders will have the remaining 41%.
The merged entity will be called Frontline, headed by Euronav CEO Hugo De Stoop.
“A combination of the two companies would establish a market leader, and put the merged group in the right position to continue to create value for shareholders in addition to significant synergies,” said frontline shareholder John Fredriksen.
“I am very excited and give my full support and commitment to this merged platform,” he added.
The transaction is still subject to agreements on the structure and terms of the transaction, due diligence and regulatory approvals, the companies said.
Source: Capital
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