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Belgian tanker company Euronav has completed its merger with former rival Gener8 Maritime following approval from Gener8’s shareholders on Monday.
The merger creates the world’s largest independent operator of large crude tankers.
Through the merger, Euronav has an operating fleet of 74 crude tankers consisting of 43 Very Large Crude Carriers (VLCCs), 27 Suezmax tankers, two Ultra Large Crude Carriers, and two LR1s, representing an aggregate carrying capacity of 19.4 million deadweight tons. It also has two Floating Storage and Offloading (FSO) vessels.
Shareholders representing 81 percent of the Gener8 Maritime’s outstanding shares voted on the proposed merger on Monday, with 98 percent in favor of the proposed merger.
The transaction was not subject to further regulatory approvals and it was expected to close on Tuesday.
Under the terms of the merger, shareholders of Gener8 will each get 0.7272 Euronav shares, which will result in the issuance of approximately 60.9 million new Euronav shares.
The merger results in Euronav shareholders owning approximately 72 percent of the share capital of the combined company and Gener8 shareholders holding the remaining 28 percent.
Euronav, as the combined entity, will continue to be listed on the NYSE and Euronext stock exchange under the symbol “EURN”.
In connection with the merger, former Gener8 director, Steven Smith, has been nominated and elected to serve as an independent director of Euronav. He will also join Euronav’s board of directors for a three-year term.
The stock-to-stock merger between the two companies was first agreed to in December with unanimous support from Euronav’s board but subject to Gener8 shareholder approval.
Upon announcing the merger, Peter Georgiopoulos, former Chairman and CEO of Gener8, commented: “I have been a vocal advocate for consolidation in the shipping industry and have always stated that we would be a will buyer or seller depending upon what is best for our shareholders. This transaction create the largest independent VLCC fleet in the world. The company has a very bright future that will benefit both Gener8 and Euronav shareholders.”
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