Financial services company HC2 Holdings and Furgo have sold offshore engineering specialist Global Marine Group (GMG) to an investment affiliate of private equity firm J.F. Lehman & Company (JFLCO) for around $250m.
GMG consists of business units Global Offshore, CWind and Global Marine. The sale includes several joint ventures, but does not include the previously announced sale of GMG’s 49% joint venture with Huawei Marine Networks.
JFLCO will settle the deal in cash, and the sale price includes potential future payments based on performance.
“We are energized to start off 2020 with the completion of the sale process, and there is no question that our patience and persistence has been rewarded with a very strong outcome for HC2 stakeholders,” said Philip Falcone, chairman, president and CEO of HC2.
Mark Heine, CEO of Fugro, commented: “I am very pleased with this transaction, which has been very professionally led by the GMG management. It is an important step towards monetising our non-core activities.”
The transaction is expected to close by the end of the first quarter of 2020.