HC2 to sell most of Global Marine Group for $250M

Jan. 30, 2020 5:51 PM ETINNOVATE Corp. (VATE)VATEBy: Carl Surran, SA News Editor50 Comments
  • HC2 Holdings (NYSE:HCHC) +8.4% after-hours after agreeing to sell Global Marine Group, excluding the previously announced sale of the joint venture with Huawei Marine Networks, to J.F. Lehman & Company for $250M.
  • Combined with the HMN deal, the total valuation for HC2's Marine Services segment (73% owned by HC2) would total $390M.
  • HC2 says the sale of Global Marine will be a significant initial step in its plan to de-lever, allowing to redeem much of the company's 11.5% senior secured notes due 2021.

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