Israeli billionaire Idan Ofer is moving to take LNG carrier owner Cool Company (CoolCo) private through his investment arm EPS Ventures.
EPS, which already controls nearly 60% of CoolCo, is in advanced talks to buy out the remaining shares at $9.65 each in cash. The offer values the Oslo- and New York-listed firm at a 26% premium to its September 22 closing price and 38% above the 90-day volume-weighted average.
The deal would be executed through a merger under Bermuda law, with CoolCo to be delisted from both exchanges once complete.
CoolCo was set up in early 2022 after being spun off from Golar LNG. The move saw Eastern Pacific Shipping step in with a cornerstone equity commitment that enabled the new company to take on Golar’s eight tri-fuel diesel-electric LNG carriers and its commercial and technical management arm. EPS has since grown CoolCo into a 13-ship fleet trading across a mix of short- and long-term charters with energy majors, utilities, and trading houses.
CoolCo’s board has established a special independent committee to review the offer. The committee has engaged its own advisers and is expected to recommend the proposal, pending final agreements.
“Despite challenging market conditions, our commitment to CoolCo’s long-term development and to serving charterers with reliability remains unchanged. We believe our offer provides the best long-term alternative for CoolCo shareholders,” said Cyril Ducau, CEO of EPS.
Closing is targeted for late 2025 or early 2026, subject to shareholder approval and customary conditions. EPS has pledged to support the merger with its existing 59.3% stake.
