Singapore-based Keppel Infrastructure Fund (KIF) and its co-investor have acquired subsea cable solutions provider Global Marine Group (GMG) from investment affiliates of JF Lehman & Company.
Headquartered in the UK, GMG operates a fleet of six vessels providing mission-critical maintenance and installation services for the global subsea fibre optic cable network.
Christina Tan, Keppel’s CEO of fund management & CIO, said: “It is a rare and unique opportunity to acquire a world-leading provider of subsea cable maintenance and installation services. This investment builds on Keppel’s digital infrastructure strategy which includes the Bifrost Cable System, and now, GMG.
”With a substantial proportion of GMG’s business secured by long-term contracts with huge growth potential, especially in Asia, we are poised to deliver attractive risk-adjusted returns to our investors.”
KIF, formerly Keppel Asia Infrastructure Fund II, is Keppel’s private investment vehicle that provides growth capital to operating businesses and standalone projects in the infrastructure space and applies value-add investment strategies to its portfolio companies. GMG marks the first investment by the fund.
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