Keppel Infrastructure Trust Completes Acquisition of Stake in Global Marine

MT Newswires

11/26

Keppel Infrastructure Trust (SGX:A7RU) completed the acquisition of a 46.7% stake in Global Marine Group, according to a Tuesday filing with the Singapore Exchange.

Shares of the marine infrastructure company were down over 1% in Wednesday trading.

Earlier, the company agreed to acquire the enlarged capital of Pangea UK Holdco, which indirectly holds 100% of Global Marine Group for a total consideration of $90.6 million.

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 funding of the acquisition was carried out through internal sources and external borrowings, the filing added.

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