wiredInUSA December 2019

Joint venture’s end in sight

HC2 Holdings Inc has announced that its marine services segment, Global Marine Group (GMG), has agreed to a sale of its stake in Huawei Marine Networks Co Ltd (HMN) — its 49 percent joint venture with Huawei Technologies Co Ltd — to Hengtong Optic-Electric Co Ltd. Under the agreement, GMG will sell 30 percent of HMN to Hengtong at closing, while retaining a 19 percent interest under a two-year option agreement at the greater of the same equity value

($285mm) or fair market value. Hengtong will also purchase Huawei’s full 51 percent stake. Hengtong will own 81 percent of the joint venture upon the closing of both sales, and 100 percent upon the exercise of GMG’s option.

Completion of the sale is expected during the first quarter of 2020.

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