Fredriksen, Exmar cancel deal to form $2.3-billion LNG company
By SALEHA MOHSIN
Bloomberg
Billionaire John Fredriksen and Exmar canceled a deal to create a liquefied natural gas (LNG) company that would have had 13 vessels and an enterprise value of $2.3 billion.
The combination of Fredriksen’s Flex LNG and Exmar assets was announced in July and was subject to due diligence.
“The parties have failed to agree on the definitive transaction documents and the previously announced transaction will not be completed,” Flex LNG said in a statement to the Oslo Bourse.
In the original deal, Antwerp-based Exmar was to transfer its assets to Fredriksen-controlled Flex LNG in return for 323.7 million new shares in the company, giving it a 64.6% stake.
Fredriksen’s Geveran Trading Co., currently the biggest owner of Flex with 81.5% of the shares, was to hold 30.7% in the re-named Exmar LNG combination.
Fredriksen bought Flex LNG last year after dumping more than 80% of his shares in shipper Golar LNG.
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