Eastern Pacific Shipping’s investment arm is set to take LNG carrier owner Cool Company (CoolCo) private, offering $9.65 per share in cash in a deal that values the listed pure-play at a 26% premium.
CoolCo’s board confirmed today it had unanimously approved the merger of a newly formed EPS Ventures subsidiary with CoolCo, following a recommendation from an independent special committee. The offer also represents a 38% premium to the company’s 90-day volume-weighted average.
EPS already owns 59.3% of 13-ship strong CoolCo and has committed to vote in favour of the deal, which is expected to close by early 2026 pending shareholder approval and customary conditions.
“We recognise the important chapter that CoolCo has had as a public company since February 2022,” said EPS CEO Cyril Ducau. “Despite challenging market conditions, the company has performed well and delivered dividends. Our transition to private ownership marks a new chapter where our priorities are clear: strengthening CoolCo’s long-term future while delivering dependable, lower-emission solutions for our clients.”
Special committee chair Sami Iskander said the transaction delivered “fair value” to shareholders after a full review of alternatives.
CoolCo was set up in early 2022 after being spun off from Golar LNG. The move saw EPS 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.
