Hawaiki Submarine Cable Limited Partnership ("HSC LP") announced on Tuesday the sale of 100% of the shares of the company to BW Digital Pte. Ltd., an affiliate of BW Group Limited, headquartered in Singapore. Media reports said the transaction price was about A$500m (US$350m).
The current Hawaiki team led by executive chairman Rémi Galasso will continue to manage the business, and the transaction is subject only to applicable regulatory filings and approval.
The Hawaiki Cable spans 15,000 km, linking Australia, New Zealand, American Samoa, New Caledonia, Hawaii and Oregon on the U.S. West Coast, with a transpacific capacity of 30Tbps and total system capacity of 43Tbps.
The Hawaiki Cable System was ready for service in July, 2018, at a total project cost of about US$300 million (NZD 445m).
Hawaiki Submarine Cable Limited Partnership (“HSC LP”) is a limited partnership organized under the laws of New Zealand. HSC LP is 100% owner of the capacity and facilities of the main trunk of the Hawaiki Cable System, excluding the branch to American Samoa, which is owned by American Samoa Telecommunications Authority (“ASTCA”) and the branch to New Caledonia which is owned by the Société Calédonienne de Connectivité Internationale (SCCI).
In September 2018, Australia-based Palisade Investment Partners (Palisade) acquired 30% interest in HSC LP and obtained de facto control of HSC LP and the Hawaiki Cable System.
Upon closing of the latest transaction, Hawaiki Cable System will be 100% owned by BW Digital Pte. Ltd., an affiliate of BW Group Limited.