Euronav NV (ENXTBR:EURN) entered into an agreement to acquire Gener8 Maritime, Inc. (NYSE:GNRT) (‘Gener8’) for approximately $490 million on December 20, 2017. As consideration, Euronav will issue 0.7272 of a share of its common stock for each share of Gener8, or an aggregate of approximately 60.9 million new Euronav shares. Each outstanding restricted stock unit representing the right to earn one share of Gener8 common stock issued pursuant to Gener8’s 2012 Equity Incentive Plan will be automatically exchanged for the right to receive 0.7272 Euronav shares. Each Gener8 outstanding option will receive a cash payment equal to the product of the closing price per share of Euronav shares on the New York Stock Exchange on the last trading day prior to the agreement and share exchange ratio, minus the exercise price applicable to such option. The merger will result in Euronav shareholders owning approximately 72% and Gener8 shareholders owning approximately 28% of the issued share capital of the combined entity. On April 18, 2018, International Seaways, Inc. entered into a stock purchase and sale agreement to acquire the holding companies for six VLCCs from Euronav in connection with the closing of Euronav’s announced acquisition of Gener8. Post-closing, Gener8 would become a wholly-owned subsidiary of Euronav. In case of termination, Gener8 may be required to pay Euronav a termination fee equal to $39 million. Carl Steen, Paddy Rodgers, and Hugo De Stoop will remain respectively Chairman of the Board, Chief Executive Officer, and Chief Financial Officer of the combined entity, upon closing of the transaction. Steve Smith, an independent Board member of Gener8 will join the Board of Euronav following the completion of the merger. The transaction is subject to the approval of Gener8’s shareholders, the consent of certain of Gener8’s lenders to assign certain debt facilities to the combined entity, the effectiveness of a registration statement to be filed by Euronav with the U.S. Securities and Exchange Commission to register the Euronav shares to be issued in the merger, listing of such shares on the New York Stock Exchange, receipt of certain required third party consents, required approvals of the transaction under any applicable antitrust law are obtained and other customary closing conditions. The completion of the merger is not conditioned on receipt of financing by Euronav. The Euronav board has unanimously approved the transaction. Gener8 Board and Gener8 Board’s transaction advisory committee approved the transaction and recommends shareholders to approve the transaction. A group of shareholders, representing approximately 48% of the issued and outstanding shares of Gener8, including certain current directors of Gener8, have committed or are expected to commit to vote in favor of this merger, subject to the terms and conditions contained in voting agreements with Euronav. The transaction is expected to complete by the latest end June 2018. As of May 16, 2018, a special meeting of shareholders of Gener8 is scheduled on June 11, 2018, for the purpose of getting approval of the transaction. As of June 11, 2018, the transaction was approved by the shareholders of Gener8 and the transaction is not subject to any further regulatory approvals and is expected to close on June 12, 2018. Additionally, the transaction does not require the approval of Euronav's shareholders. The current lenders of Gener8 have provided their consents to the merger and the senior secured loans currently financing the Gener8 fleet to be acquired by Euronav will be rolled over in the merger are expected to be assumed by the combined entity. Euronav and Gener8 believe the transaction to be accretive to the shareholders of both companies. Gary Wolfe and Keith Billotti of Seward & Kissel LLP acted as legal advisors to Euronav and RMK Maritime acted as financial advisor to Euronav’s Board of Directors. John A. Marzulli, George Karafotias, Doreen Lilienfeld, Michael Steinberg, Ethan Harris, Joseph Frank, Jeffrey Hoschander, Matthew Craner, S. Lynn Diamond, Enrique Dancausa, Jack Melamed, Matthew Behrens and Adam Sternberg of Shearman & Sterling LLP acted as legal advisors to the transaction committee of Gener8 and Thomas E. Molner and Terrence L. Shen of Kramer Levin Naftalis & Frankel LLP acted as legal advisors to Gener8. UBS Securities LLC provided fairness of opinion and acted as financial advisor to Gener8 for a fee of $15.25 million. Argo Law acted as legal advisor to Euronav. O'Melveny & Myers LLP acted as legal advisor to UBS Securities LLC. Computershare Trust Company, N.A. acted as transfer agent to Gener8. D.F. King & Co., Inc. acted as proxy solicitor to Gener8. Euronav NV (ENXTBR:EURN) completed the acquisition of Gener8 Maritime, Inc. (NYSE:GNRT) on June 12, 2018. In connection with the transaction, at the request of Euronav, Peter Georgiopoulos, Chief Executive Officer, Leonard Vrondissis, Executive Vice President, Chief Financial Officer and Secretary, John Tavlarios, Executive Vice President and Chief Operating Officer, Dean Scaglione, Controller and Treasurer have agreed to relinquish their positions from Gener8 Maritime, however, Dean Scaglione will continue to work for the company as controller, for a transitional period that is currently expected to last through August 2018. As a result of the transaction, Paddy Rodgers became President of the Company. Brian Gallagher was appointed Vice President and Secretary, Milton H. Gonzales was appointed as the Chief Operating Officer of the company for a transitional period that is expected to last through October 2018. Also, the company’s name has been changed from Gener8 Maritime, Inc. to Euronav MI II Inc.