Fugro completes divestment of non-core interest in Global Marine Group
Published
08 Mar 2023 14:00 CET
Location
Leidschendam, The Netherlands
On 7 March 2023, INNOVATE Corp. (NYSE: VATE) announced that it has closed the sale of the remaining 19% interest in HMN International Co. Ltd., formerly known as Huawei Marine Networks Co., to subsidiaries and an affiliate of Hengtong Optic-Electric Co Ltd.
The 19% stake was held by Global Marine Holdings, LLC, an entity in which Fugro holds an 23.6% interest. After taxes and transaction fees, Fugro will receive approximately USD 10 million in cash.
With this transaction, Fugro concludes the divestment of this non-core asset.
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