Infrastructure manager Palisade Investment Partners and co-owner, Hawaiki Submarine Cable, have sold their 15,000km deep-sea cable – which links Australasia with the US through Hawaii – to Singapore-based BW Group for an undisclosed price.
Media reports said the sale price was about A$500m (€312m).
Commissioned in 2018, the cable is the fastest and largest link between the US, Australia and New Zealand.
Andreas Sohmen-Pao, executive chairman of BW Group, said: “BW Group has a deep heritage in maritime connectivity and infrastructure, with assets spanning production, transportation and distribution.
“Our strategy is to help connect countries across the oceans while working to reduce our environmental impact.” This included recent investments into wind installation vessels, floating wind, batteries, solar and other sustainable technologies, he said.
In 2018, Palisade acquired a “significant ownership interest” (thought to be around 30%) in Hawaiki. It said at the time that it was seeking exposure to the data infrastructure sector.
Rémi Galasso, executive chairman of Hawaiki, said having established a subsea cable business with the support of its customers and partners, the company had started a process to find a new long-term shareholder who was able to take the company to the next stage of development.
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