HC2 Holdings to Sell Global Marine Group for $250 Million

HC2 Holdings, Inc. (HC2) announced on Thursday to sell 100% of its subsidiary 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 (GMSL), along with several joint ventures, and excludes the previously sale of GMG’s 49% joint venture Huawei Marine Networks Co., Limited (HMN). The total base consideration for 100% of GMG (excluding HMN) is approximately $250 million, and the total enterprise value of GMG is approximately $390 million.