Brazilian maritime services firms Oceanpact, CBO announce merger

About this update from Oceanpact Servicos Maritimos Sa

Brazilian maritime services provider Oceanpact BMFBOVESPA:OPCT3 signed an agreement to combine its businesses with local rival CBO Holding, both companies said on Friday, in a deal that will form a firm with 73 vessels. Under the deal, CBO will be embedded into Oceanpact, although CBO's shareholders will end up with 57.9% of the combined company, the firms said.The deal will be implemented through the issuance of some 274.6 million shares by Oceanpact to be delivered to CBO's shareholders, according to the firms. The exchange ratio of the transaction is about 1.98 shares of Oceanpact for each CBO share, they added.

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