ABG Sundal Collier acted as exclusive financial advisor to Blue Northern in connection with the acquisition of Belships

On 28 March 2025, it was announced that Blue Northern BLK Ltd (“Blue Northern”) completed the voluntary cash tender offer for all outstanding shares in Belships. Blue Northern holds approximately 97.9% of the shares in Belships after the voluntary offer and intends to carry out a compulsory acquisition of the remaining shares and take the company private.
Blue Northern is a special purpose vehicle incorporated for the purpose of launching the offer and was formed by funds managed by the Blue Ocean maritime investment team at EnTrust Global, a leading global alternative asset manager.
ABG Sundal Collier has advised EnTrust Global in the process leading up to the offer and launching of the voluntary offer for the outstanding shares in Belships. The offer values the company at approximately NOK 5.2 billion. Belships is listed on Euronext Oslo Børs. The company was founded in 1918 and is a shipowner and operator of geared bulk carriers with a modern fleet of Ultramax vessels.