By Saleha Mohsin
(Bloomberg) — Billionaire John Fredriksen and Exmar NV canceled a deal to create a liquefied natural gas company that would have had 13 vessels and an enterprise value of $2.3 billion.The combination of Fredriksen’s Flex LNG Ltd and Exmar assets was announced in July and was subject to due diligence.
“The parties have failed to agree on the definitive transaction documents and the previously announced transaction will not be completed,” Flex LNG said in a statement to the Oslo Bourse.
In the original deal, Antwerp-based Exmar was to transfer its assets to Fredriksen-controlled Flex LNG in return for 323.7 million new shares in the company, giving it a 64.6 percent stake. Fredriksen’s Geveran Trading Co. Ltd., currently the biggest owner of Flex with 81.5 percent of the shares, was to hold 30.7 percent in the re-named Exmar LNG Ltd. combination.
Fredriksen bought Flex LNG last year after dumping more than 80 percent of his shares in shipper Golar LNG Ltd.
©2015 Bloomberg News