HC2 Holdings Announces Definitive Agreement to Sell Global Marine Group, Excluding the HMN Joint Venture, for $250 Million
HC2 Holdings, Inc. (HCHC)
NASDAQ:AMEX Investor Relations:
ir.hc2.com
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Source: GlobeNewswire
- Inclusive of the HMN Joint Venture, Combined Total Valuation for the Marine Services Segment of $390 Million - - Net Proceeds Targeted for Debt Reduction at HC2 - NEW YORK, Jan. 30, 2020 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. (“HC2” or the “Company”) (NYSE: HCHC), a diversified holding company, announced today that a subsidiary of Global Marine Holdings, LLC, in which HC2 holds an approximate 73% equity interest, has entered into a definitive agreement to sell 100% of Global Marine Group (“GMG”) to an investment affiliate of J.F. Lehman & Company, LLC (“JFLCO”). The sale includes GMG’s operating subsidiary Global Marine Systems Limited, a leading provider of offshore engineering services to the telecommunications, renewables, and oil & gas industries, along with several joint ventures, and excludes the previously announced sale of GMG’s 49% joint venture with Huawei Marine Networks Co., Limited (“HMN”). Total base consideration for 100% of GMG (excluding HMN) will be approxim
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