Luminous red novae (LRNe) are astrophysical transients associated with the partial ejection of a binary system’s common envelope shortly before its merger. Here we present the results of our photometric and spectroscopic follow-up campaign of AT 2018bwo (DLT 18x), a LRN discovered in NGC 45, and investigate its progenitor system using binary stellar-evolution models. The transient reached a peak magnitude of M_r = −10.97 ± 0.11 and maintained this brightness during its optical plateau of t_p = 41 ± 5 days. During this phase, it showed a rather stable photospheric temperature of ∼3300 K and a luminosity of ∼10⁴⁰ erg s⁻¹. Although the luminosity and duration of AT 2018bwo is comparable to the LRNe V838 Mon and M31-2015LRN, its photosphere at early times appears larger and cooler, likely due to an extended mass-loss episode before the merger. Toward the end of the plateau, optical spectra showed a reddened continuum with strong molecular absorption bands. The IR spectrum at +103 days after discovery was comparable to that of a M8.5 II type star, analogous to an extended AGB star. The reprocessed emission by the cooling dust was also detected in the mid-infrared bands ∼1.5 years after the outburst. Archival Spitzer and Hubble Space Telescope data taken 10−14 yrs before the transient event suggest a progenitor star with T_prog ∼ 6500 K, R_prog ∼ 100 R_⊙, and L_prog = 2 × 10⁴ L_⊙, and an upper limit for optically thin warm (1000 K) dust mass of M_d < 10⁻⁶ M_⊙. Using stellar binary-evolution models, we determined the properties of binary systems consistent with the progenitor parameter space. For AT 2018bwo, we infer a primary mass of 12–16 M_⊙, which is 9–45% larger than the ∼11 M_⊙ obtained using single-star evolution models. The system, consistent with a yellow-supergiant primary, was likely in a stable mass-transfer regime with −2.4 ≤ log(Ṁ/M_⊙ yr⁻¹) ≤ −1.2 a decade before the main instability occurred. During the dynamical merger, the system would have ejected 0.15–0.5 M_⊙ with a velocity of ∼500 km s⁻¹.

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