Fredriksen, Exmar Deal for $2.3 Billion LNG Powerhouse Falls Through

By Saleha Mohsin

(Bloomberg) — Billionaire John Fredriksen and Exmar NV canceled a deal to create a liquefied pure fuel firm that will have had 13 vessels and an enterprise worth of $2.3 billion.

[contextly_sidebar id=”PbX3qmb5I9HWmgG8Z3Tu9Sv1xOULbgAT”]The mixture of Fredriksen’s Flex LNG Ltd and Exmar belongings was introduced in July and was topic 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 mentioned in a press release to the Oslo Bourse.

In the unique deal, Antwerp-based Exmar was to switch its belongings to Fredriksen-controlled Flex LNG in return for 323.7 million new shares within the firm, giving it a 64.6 p.c stake. Fredriksen’s Geveran Trading Co. Ltd., presently the most important proprietor of Flex with 81.5 p.c of the shares, was to carry 30.7 p.c within the re-named Exmar LNG Ltd. mixture.

Fredriksen purchased Flex LNG final 12 months after dumping greater than 80 p.c of his shares in shipper Golar LNG Ltd.