157 0 Kommentare HC2 Announces Sale of Beyond6 Clean Energy Business for Approximately $169 Million

Net Proceeds Will Enhance HC2’s Capital Structure, Position Company for Growth

NEW YORK, Dec. 31, 2020 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. (“HC2” or “the Company”) (NYSE: HCHC) announced today that it has agreed to sell its majority-owned clean energy subsidiary Beyond6, Inc. (“Beyond6”) to Mercuria Investments US, Inc. (“Mercuria”) for approximately $169 million. HC2, which owns approximately 61% of Beyond6 on a fully diluted basis, expects to receive approximately $65 million in cash, subject to customary closing adjustments.

“The sale of Beyond6 is another significant step forward for HC2 as our Board continues to actively evaluate businesses across our portfolio and monetize assets that improve our capital structure and provide increased flexibility, which will allow us to more effectively allocate resources to high growth, value generating areas of the business,” said Wayne Barr, Jr., Chief Executive Officer of HC2. “The net proceeds from the sale will allow HC2 to significantly reduce debt as we continue to chart our path forward.”

HC2 intends to use its portion of the net proceeds from the transaction to reduce debt. The transaction is expected to be completed in the first quarter of 2021, subject to regulatory approval and customary closing conditions. The transaction was unanimously approved by the Board of Directors of HC2.

Added Barr, “Since HC2 acquired a majority stake in Beyond6 in 2014, the company has grown into one of the largest providers of alternative fuels in the U.S. With the support of Mercuria’s resources and expertise, we’re confident the business will continue to take advantage of emerging opportunities as the world moves toward cleaner, safer and more efficient sources of fuel. We wish Beyond6 and its talented team continued success.”

"Mercuria is excited to continue to execute on its corporate strategy of increased investment in the energy transition to clean, renewable energy sources," said Chief Investment Officer, Brian Falik. "We look forward to building on the success of the brand built by Andrew West and working with the Beyond6 team in creating holistic turnkey solutions for decarbonization in the medium- and heavy-duty vehicle segments for its blue-chip corporate customers.”

Mercuria, one of the world’s largest integrated independent energy and commodities companies, has stated 50 percent of its new investments would be in renewable energy over the next five years.