HC2 Holdings has sold its 100% stake in UK cable outfit Global Marine Group (GMG) to an investment affiliate of JF Lehman & Company (JFLCO) for $250m.
The sale excludes the previously announced sale of GMG’s 49% joint venture with Huawei Marine Networks and is due to close by the end of the first quarter of 2020.
Deutsche Bank Securities and ABN AMRO acted as merger and acquisition advisors to Global Marine during the transaction.
Chelmsford-headquartered Global Marine Group is comprised of three business units.
Global Offshore, which performs power cable installation, Global Marine, which installs telecommunications cables and O&M outfit CWind.
Global Marine chief executive Ian Douglas said: “We’re about to embark on a new chapter for Global Marine Group, and I want to thank the HC2 team for being effective owners of our business.
“The purchase by JFLCO provides the certainty that we need to continue to build our business across the telecommunications and utilities markets, deepening and widening the service we provide to our customers.”
“We are energized to start off 2020 with the completion of the sale process, and there is no question that our patience and persistence has been rewarded with a very strong outcome for HC2 stakeholders,” said HC2 chief executive Philip Falcone.
“Over the last five years, we have built a tremendous leading company in the marine services industry, led by Ian Douglas and his GMG team, and we know they will continue to build on their success while under the JFLCO umbrella.”