Keppel Infrastructure Trust (SGX:A7RU) has agreed to acquire 46.7% of the enlarged capital of Pangea UK Holdco, which indirectly holds 100% of Global Marine Group for a total consideration of $90.6 million.
Upon completion, Keppel Infrastructure Trust will have an effective ownership of roughly 46.7% of Global Marine Group.
The remaining 53.3% stake in Pangea UK Holdco will be held by Keppel Infrastructure Fund and a co-investor, according to a Tuesday filing with the Singapore Exchange.
Based in the UK, Global Marine provides independent subsea cable solutions and has a fleet of six specialized vessels. It also maintains around 31% of the global maintained subsea cable length.
The deal is expected to be completed by Sept. 30.
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