KIT invests in Global Marine Group with a 46.7% stake acquisition

KIF and its co-investor will hold the remaining 53.3% equity stake in GMG.

Keppel’s infrastructure private fund, Keppel Infrastructure Fund (KIF), and Keppel Infrastructure Fund Management (KIFM), the trustee-manager of Keppel Infrastructure Trust (KIT), have entered into a deal for KIT’s proposed subscription of a 46.7% equity stake in Global Marine Group (GMG).

KIT will be entering the deal at the same valuation as KIF, and KIT’s aggregate investment is expected to be $122.3m (US$90.6m).

GMG is an independent subsea cable solutions provider, maintaining 31% of the global maintained cable length. Post divestment, KIF and its co-investor will hold the remaining 53.3% equity stake in GMG.

“With a substantial proportion of GMG’s business secured by long-term contracts, this investment will generate long-term, stable cash flows for KIT with a 3.5% DPU accretion based on pro forma FY2024 DPU,” Kevin Neo, chief executive officer of KIFM, said.

($=US$0.74)

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