Eastern Pacific Shipping moves for full takeover of CoolCo

CoolCo majority shareholder and diversified global transoceanic fleetowner EPS has reached an agreement in principle for a full cash takeover of CoolCo.

The pair of companies said they are in "advanced dicussions" for a deal that would see EPS pay US$9.65 per share.

The transaction would be implemented through a cash merger of an EPS subsidiary into CoolCo, with Bermudian law governing. Following completion of the merger, the new company would go private, delisting from the New York Stock Exchange and Euronext Growth Oslo.

The US$9.65 per share acquisition price represents a 26% premium to the closing price on 22 September 2025 and a 38% premium over the volume weighted average share price of CoolCo’s common shares for the 90-day trading period leading up to that date.

EPS CEO Cyril Ducau said that despite “challenging market conditions" EPS’ "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 and we hope to bring this proposed transaction to a close in the very near future.”

CoolCo and EPS said they are targeting the fourth quarter of 2025 or the first quarter of 2026 to close the deal, subject to requisite approvals, including by shareholders of CoolCo.

EPS owns 59.3% of CoolCo’s common shares and said it intends to enter into a support agreement with the company "committing to vote its common shares in favor of the merger".  

"There can be no assurances that CoolCo and EPS will successfully negotiate definitive agreements, or that the proposed transaction will be consummated," the companies said.