Keppel’s flagship 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 share subscription agreement for KIT’s proposed subscription of a 46.7 percent equity stake in Global Marine Group (GMG).
The companies are participating in the share agreement through their respective indirect subsidiaries. KIT will be entering the deal at the same valuation as KIF, and KIT’s aggregate investment is expected to be $90.6 million.
Headquartered in the United Kingdom, GMG is one of the world’s largest independent subsea cable-solutions providers. The company operates a fleet of six vessels providing mission-critical maintenance and installation services for the global subsea fiber-optic cable network. GMG has long-term contractual agreements with top-tier customers including telcos, hyperscalers and global equipment suppliers.
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