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.
