Bruton Limited Agrees to Merge With International Seaways in Cash and Share Deal
Bruton Limited has entered into a definitive merger agreement with International Seaways, Inc. (INSW). Under the agreed terms, investors holding more than 10,000 Norwegian Depositary Receipts (NDRs) in Bruton will receive International Seaways stock at an exchange ratio of 0.0519 shares per NDR. Smaller investors holding 10,000 NDRs or fewer will receive a cash consideration of $6.3044 per NDR, paid in Norwegian kroner.
The transaction sets clear buyout terms for Bruton shareholders while establishing a fixed cash valuation for smaller holders. Investors controlling about 50.5% of the voting power have already agreed to vote in favor of the arrangement. Following completion, Bruton will delist from Euronext Growth Oslo, shifting trading liquidity to International Seaways, whose stock traded down 4.74% to $113.10.
Completion depends on approval at a special general meeting. If shareholders grant approval, the companies expect to close the merger in early November 2026.
Key points
- Bruton Limited signed a definitive merger agreement with International Seaways, Inc.
- Holders with over 10,000 NDRs get 0.0519 INSW shares per NDR; smaller holders receive $6.3044 per NDR in NOK.
- Approximately 50.5% of voting power has committed to vote in favor of the transaction.
- The deal requires special general meeting approval and is expected to close in early November 2026.
- Bruton Limited will delist from Euronext Growth Oslo upon completion of the merger.
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What are the terms of the Bruton Limited and International Seaways merger?
Holders of more than 10,000 Bruton NDRs receive International Seaways stock at a 0.0519 ratio. Holders of 10,000 or fewer NDRs receive $6.3044 per NDR in Norwegian kroner.
When is the merger between Bruton Limited and International Seaways expected to close?
The merger is expected to close in early November 2026, subject to approval at a special general meeting.
What will happen to Bruton Limited shares after the merger?
Bruton Limited will be delisted from Euronext Growth Oslo once the merger is completed.