Keppel Infrastructure Fund acquires stake in Global Marine Group
The subsea cable company has six vessels for maintenance and installation services.
Keppel Ltd. has announced that its fund has made its first investment by acquiring a 100% stake in Global Marine Group (GMG).
In a statement, Keppel said its Keppel Infrastructure Fund (KIF) and its co-investor took over the subsea cable company from investment affiliates of J.F. Lehman & Company.
GMG is based in the UK and has a fleet of six vessels for mission-critical maintenance and installation services for the global subsea fibre optic cable network.
Citing data from the Keppel Asia Infrastructure Fund II, Keppel said that the market for maintenance and installation services is projected to grow at a compound annual growth rate of 45% from 2023 to 2029.
Christina Tan, CEO of Fund Management, and chief investment officer of Keppel, said the “investment builds on Keppel’s digital infrastructure strategy which includes the Bifrost Cable System, and now, GMG.”
Keppel said the acquisition is not expected to have any material impact on its net tangible assets per share or earnings per share for the current financial year.
