Euronav, Gener8 Maritime Merger to Close in 2Q 2018
Tanker operators Euronav NV said that it remains confident of closing a takeover of the U.S.-based provider of international seaborne crude oil transportation services Gener8 Maritime in the next three months.
On 21 December 2017 the boards of Euronav and Gener8 Maritime announced agreement on a stock-for-stock merger for the entire issued and outstanding share capital of Gener8 pursuant to which Gener8 would become a wholly-owned subsidiary of Euronav (the Combined Entity).
"Work on the transaction is proceeding as planned with an anticipated closing in the second quarter of 2018," said a statement from the company.
The merger will create the leading independent large crude tanker operator with 75 crude tankers, of which 44 VLCCs and 28 Suezmax crude tankers representing over 18 million dwt in the aggregate and balance sheet assets of over USD 4 billion.
"The Combined Entity balance sheet assets of over USD 4 billion will have marked-to-market leverage of less than 50% and a liquidity position estimated at more than USD 750 million, including cash on hand and undrawn amounts available under existing credit facilities," it said.