An investment affiliate of JF Lehman & Company has completed the acquisition of Global Marine Group from HC2 Holdings.
HC2 Holdings, which had held a 73% equity interest, said that after repayment of pension and debt obligations at GMG and customary closing adjustments and transaction fees, it received net proceeds of $99m from the sale.
The sale of Global Marine Group excludes the previously announced sale of GMG’s 49% joint venture with Huawei Marine Networks, HC2 added.
HC2 chairman, president and chief executive Philip Falcone said: “We are pleased to close the sale of GMG, which allows us to reduce our overall company debt and begins the process of significantly de-levering our balance sheet at the corporate level.”
Global Marine Group comprises three business units – Global Offshore, Global Marine and CWind.