Global Marine Group Fully Divests Stake in Huawei Marine Networks

HC2 Holdings, Inc. (“HC2”), the legacy controlling company of Global Marine Group (GMG), announced recently the completion of the sale of its 30% stake in Huawei Marine Networks Co., Limited (“HMN”) to Hengtong Optic-Electric Co Ltd (“Hengtong”). The 30% interest in Huawei Marine Networks was sold for $85 million. Huawei Marine Networks has an enterprise value of US$285 million. Huawei Marine Networks is now owned by Hengtong (81%) and HC2 (19%) subject to a two-year put option. According to GMG, it has fully divested stake in Huawei Marine Networks.