Idan Ofer’s EPS moves on full CoolCo takeover
Idan Ofer Moves to Take CoolCo Private
Israeli billionaire Idan Ofer is advancing plans to take the LNG carrier company Cool Company (CoolCo) private through his investment firm, EPS Ventures. EPS, which currently holds nearly 60% of CoolCo, is negotiating to acquire the remaining shares at a cash price of $9.65 each. This offer represents a significant premium of 26% over the company’s closing price on September 22 and a 38% increase compared to the 90-day volume-weighted average.
Details of the Proposed Acquisition
The acquisition will be executed via a merger under Bermuda law, leading to CoolCo’s delisting from both the Oslo and New York stock exchanges upon completion. Established in early 2022 after being spun off from Golar LNG, CoolCo was initially supported by Eastern Pacific Shipping, which provided a cornerstone equity commitment. This backing allowed CoolCo to acquire Golar’s fleet of eight tri-fuel diesel-electric LNG carriers, along with its commercial and technical management operations.
Since its inception, CoolCo has expanded its fleet to 13 ships, engaging in both short- and long-term charters with major energy companies, utilities, and trading firms. In response to the acquisition proposal, CoolCo’s board has formed a special independent committee to evaluate the offer. This committee has enlisted its own advisors and is expected to recommend the proposal, pending the finalization of agreements.
Cyril Ducau, CEO of EPS, expressed confidence in the offer, stating, “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.” The merger is anticipated to close in late 2025 or early 2026, contingent on shareholder approval and standard conditions. EPS has committed to supporting the merger with its existing 59.3% stake in CoolCo.
