04:33 AM EDT, 09/24/2025 (MT Newswires) -- Cool Company ( CLCO ) has reached an agreement in principle with EPS Ventures for a deal under which EPS would acquire all outstanding shares of CoolCo it does not already hold for $9.65 per share in cash, the companies said Wednesday.

The proposed transaction would be implemented through a cash merger of a subsidiary of EPS with and into CoolCo.

Following completion of the proposed merger, CoolCo would be wholly owned by EPS and seek to be delisted from the New York Stock Exchange.

CoolCo said an independent committee formed to review and negotiate the terms of the potential transaction intends to recommend that the board approve the deal, subject to completion of definitive agreements.

The companies are targeting a Q4 or Q1 closing of the potential transaction. EPS already owns 59.3% of outstanding CoolCo common shares, they said.

Shares of Cool Company ( CLCO ) gained nearly 20% in premarket activity.