简体中文(中国) 
Keppel Ltd. (Keppel) announced on Tuesday that its flagship infrastructure private fund, Keppel Infrastructure Fund (KIF), and Keppel Infrastructure Fund Management Pte. Ltd. (KIFM), the trustee-manager of Keppel Infrastructure Trust (KIT), have, through their respective indirect subsidiaries, entered into a share subscription agreement for KIT’s proposed subscription of a 46.7% equity stake in Global Marine Group (GMG) for US$90.6 million (S$122.3 million).
KIT will be entering the deal at the same valuation as KIF. KIT’s aggregate investment of US$90.6 million (S$122.3 million) comprises a subscription consideration of about US$86.6 million, as well as a ticking fee of about US$3.9 million as part of a standard closing mechanism. The ticking fee is intended to compensate KIF for the time value and opportunity cost of their capital since its initial acquisition in early March. The investment will be funded by a combination of internal sources of funds and external borrowings, said KIT’s manager.
In early March, KIF and its co-investor acquired a 100% stake in Global Marine Group (GMG), from investment affiliates of JF Lehman and Company, for an undisclosed sum.
GMG is one of the world’s largest independent subsea cable solutions providers, maintaining approximately 31% of the global maintained cable length. Post transaction, KIF and its co-investor will hold the remaining 53.3% equity stake in GMG.
According to Keppel's latest announcement on Tuesday, the enterprise value of submarine cable vessel company Global Marine Group (GMG) is approximately US$185.44 million. As a reference, the enterprise value of Alcatel Submarine Networks (ASN) was EUR 350 million when the French State acquired ASN from Nokia in 2024. The enterprise value of Huawei Marine Networks was of US$285 million when GMG sold it to Hengtong Group in 2020.
