Keppel Infrastructure Trust said at a 30 Oct 2025 investor dialogue that its planned investment in UK-based subsea cable specialist Global Marine Group was priced on a willing-buyer willing-seller basis after arm’s-length talks and multiple valuation methods, including discounted cash flow, comparable company and precedent transaction analyses.

Chief Executive Officer Kevin Neo noted that the implied enterprise value-to-EBITDA multiple of 6.7 times and price-to-earnings multiple of 9.8 times both sit below the mean of peer groups reviewed by the Independent Financial Adviser.

Chief Financial Officer Raymond Bay added that the trust will finance the purchase with internal resources and debt, redeploying proceeds from earlier divestments of Philippine Coastal Storage and Pipeline Corporation and a partial stake in Ventura, with no equity fundraising planned.

Management projected distribution-per-unit accretion of 4.6 %, rising to 6.0 % after a future capital injection earmarked for at least one newbuild cable-laying vessel expected to enter service in FY 2028.

Global Marine Group operates a fleet with an average age of 29 years, representing about 11 % of the worldwide subsea cable vessel pool, yet holds an estimated 31 % share of the maintenance market and 20 % of the installation market. Many of its vessels can perform both tasks, giving it higher revenue potential, Neo said.

Contracts for maintenance zones run five to seven years, while charter agreements for vessels and crews typically span two to four years on a take-or-pay basis with cost pass-through clauses, providing stable cash flow even during economic slowdowns, the Trustee-Manager said.

The trust expects long-term demand growth from increasing data traffic and limited supply of specialised vessels, and views the transaction as its first step into digital infrastructure alongside existing focus areas of energy transition and environmental services.