Jiangsu Hengtong to acquire major stake in Huawei Marine Networks

Jiangsu Hengtong to acquire major stake in Huawei Marine Networks

Jiangsu Hengtong Group, a major power and fiber optic cable manufacturer in China, has announced a plan to acquire 51% equity in Huawei Marine Networks through a cash plus share deal worth around RMB1bn ($142m).

Huawei Marine Networks is a joint venture established by Huawei Technologies and Global Marine Systems, and the company offers turnkey submarine cable system solutions incorporating system design, integration and installation services.

Hengtong believes the deal will help the company expand its global business portfolio and further complete its marine business network.

Hengtong Group’s marine subsidiary Hengtong Offshore currently operates a fleet of five cablelay vessels, three offshore wind farm installation vessels and two research vessels.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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