According to the Wall Street Journal, Euronav is near a deal to merge with rival Gener8 Maritime, a person familiar with the matter said.

The agreement could be reached as soon as this week, this person said. Terms couldn’t be learned.

New York-listed Gener8, partly owned by U.S. private-equity firm Oaktree Capital, has a market capitalization of around $360 million. Euronav, which is listed both in Belgium and New York, has a market value of more than $1 billion.

Gener8 had been in merger talks with Norway’s Frontline Ltd. earlier this year but no deal was reached.

Read more at www.wsj.com