Photo: Evgeny Shulin/Shutterstock
LNG carrier shipowner CoolCo and EPS Ventures have announced advanced discussions for a potential acquisition that would see EPS purchase all outstanding CoolCo shares not already held for $9.65 per share in cash. The proposed transaction, structured as a cash merger under Bermuda law, would result in CoolCo becoming a wholly owned EPS subsidiary with plans to delist from the New York Stock Exchange and Euronext Growth Oslo.
The offering price represents a significant premium of 26% over CoolCo’s September 22 closing price and a 38% premium to the volume-weighted average share price over the past 90 trading days.
“Despite challenging market conditions our commitment to CoolCo’s long-term development and, above all, to serving our charterers with the highest level of reliability and dedication remains unchanged. We believe our offer provides the best long-term alternative for CoolCo shareholders,” said Cyril Ducau, CEO of Eastern Pacific Ventures Pte Ltd.
CoolCo’s Board has established an independent Special Committee of disinterested directors to evaluate the proposal, with the committee already signaling its intention to recommend approval of the transaction.
The acquisition timeline targets completion during Q4 2025 or Q1 2026, pending shareholder approval and other customary closing conditions. With EPS already controlling 59.3% of CoolCo’s outstanding shares and planning to support the merger, the path to approval appears clear, though the companies caution that definitive agreements have not yet been finalized.
CoolCo, spun off from Golar LNG in early 2022, operates a fleet of 13 LNG carriers with a balanced portfolio of short and long-term charters with leading energy companies. The company recently expanded its fleet with two newbuilds delivered in late 2024 and early 2025.
Eastern Pacific Shipping, an affiliate of CoolCo’s largest shareholder, is owned by Israeli billionaire Idan Ofer and operates one of the world’s largest independent shipping fleets.
Financial advisors for the transaction include Evercore for CoolCo’s Special Committee and Credit Agricole for EPS, with legal representation from Latham & Watkins and Skadden Arps respectively.
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