简体中文(中国) 
Keppel Ltd. (Keppel) announced on Monday that its private investment vehicle Keppel Infrastructure Fund (KIF, previously known as Keppel Asia Infrastructure Fund II) and its co-investor acquired a 100% stake for an undisclosed sum in UK-headquartered Global Marine Group (GMG), from investment affiliates of JF Lehman and Company.
Headquartered in the UK, GMG operates a fleet of six vessels providing mission-critical maintenance and installation services for the global subsea fibre optic cable network, ensuring seamless connectivity. GMG has a strong track record of contract renewals, having developed trusted long-term relationships with top tier customers including telcos, hyperscalers and global equipment suppliers.
Given the rising global demand for connectivity and the limited supply of specialised vessels, the market for maintenance and installation services is poised to grow at about 45% CAGR from 2023 to 2029. As a market leader, GMG is well positioned to maintain its high fleet utilisation of close to 100%, supporting long-term sustainable growth.
The investment bolsters Keppel’s growth ambitions in the subsea cable business and role as a strategic connectivity ecosystem partner.
In addition to the acquisition of GMG, Keppel has invested in the Bifrost submarine cable system connecting Singapore with the United States, and is discussing with partners such as Sovico Group in Vietnam to build new subsea cables.
In Januray 2020, J.F. Lehman & Company (JFLCO), a US private equity firm focused exclusively on the aerospace, defense, maritime, government and environmental sectors, acquired 100% stake in Global Marine Group (excluding GMG's 49% stake in Huawei Marine Networks then) for US$250 million. And the total enterprise value of GMG was approximately $390 million (including 49% stake in Huawei Marine Networks) then. And the deal was closed in early March 2020.
Prior to the acquisition by J.F. Lehman & Company (JFLCO), Global Marine Group (GMG) was indirectly and jointly owned by HC2 Holdings, Inc. (HC2), a US-based company, and Fugro, a Dutch offshore services provider. Founded in 1994 and headquartered in New York, HC2 renamed INNOVATE Corp in 2021, being a portfolio of assets in three key areas of the new economy – infrastructure, life sciences and spectrum.
GMG fully divested its 49% stake in Huawei Marine Networks in June 2020, At that time, the 30% interest in Huawei Marine Networks was sold to Hengtong Group for $85 million, at an enterprise value of US$285 million for Huawei Marine Networks. HC2 kept 19% stake in Huawei Marine Networks subject to a two-year put option, which was exercised for a consideration of $32 million in March, 2023. Huawei Marine Networks has been rebranded as HMN Technology (HMN Tech).
