HC2 Completes Sale of Beyond6 Clean Energy Business
January 19 2021 - 7:00AM
HC2 Holdings, Inc. (“HC2” or “the Company”) (NYSE: HCHC) announced
today that it has completed the previously announced sale of its
majority-owned clean energy subsidiary Beyond6, Inc. (“Beyond6”) to
Mercuria Investments US, Inc. (“Mercuria”) for approximately $169
million.
HC2, which owned approximately 61% of Beyond6 on a fully diluted
basis, received approximately $70 million in cash, which will be
used to reduce debt.
“Completing this transaction marks another positive step forward
for HC2. The net proceeds will reduce debt and further improve our
capital structure, providing increased flexibility and enabling us
to more effectively allocate resources to high growth, value
generating areas of our business,” said Wayne Barr, Jr., Chief
Executive Officer of HC2.
The transaction was previously announced on December 31, 2020.
Goldman Sachs & Co. LLC acted as advisor to Beyond6 in
connection with the transaction. Kramer Levin Naftalis &
Frankel LLP acted as legal advisor to HC2, and Vinson & Elkins
LLP acted as legal advisor to Mercuria.
About HC2
HC2 Holdings, Inc. (NYSE: HCHC) has a class-leading portfolio of
assets primarily in Infrastructure, Life Sciences, Spectrum and
Insurance. HC2 is headquartered in New York, New York and through
its subsidiaries employs 2,864 people.
About Beyond6, Inc.
At Beyond6, Inc., the future is within reach and we can bring
you closer to doing your part for sustainability. Beyond6, Inc. is
a diversified energy solutions company focused on decarbonization.
Through our growing network of CNG stations for the transportation
industry and other decarbonization services, we are delivering
opportunity to fleets across the country. Our team of
highly-trained strategists, designers and operations professionals
are changing perspectives as we move the alternative fuel industry
forward. To learn more, visit www.beyond6.com.
About Mercuria Energy Group
Founded in 2004, Mercuria is one of the largest independent
energy and commodity groups in the world, bringing efficiency to
the commodity value chain with cutting-edge technology and
unmatched expertise and solutions. Mercuria’s business includes
trading flows, strategic assets and structuring activities that
generate more than USD 120 billion in turnover. It operates from
offices around the world, with a strong presence in the Americas,
Asia and Europe. Information on Mercuria can be found on its
website at www.mercuria.com.
Cautionary Statement Regarding Forward-Looking
Statements
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This press release contains, and certain oral
statements made by our representatives from time to time may
contain, forward-looking statements regarding the sale of Beyond6
to Mercuria and our expected use of proceeds thereof, as well as
our expectations regarding our ongoing evaluation of our business,
capital structure and allocation of resources, including, without
limitation, any statements regarding evaluation of our businesses,
monetization of assets, allocation of resources and debt reduction,
as well as those that may be identified by words such as “will,”
“intend,” “expect,” “anticipate,” “should,” “could” and similar
expressions, all of which involve risks, assumptions and
uncertainties, many of which are outside of the Company’s control,
and are subject to change. All forward-looking statements speak
only as of the date made, and unless legally required, HC2
undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise. HC2’s actual results could differ
materially from those expressed or implied in the forward-looking
statements due to a variety of important factors, both positive and
negative, that may be revised or supplemented in subsequent
statements and reports filed with the Securities and Exchange
Commission (“SEC”), including in our reports on Forms 10-K, 10-Q,
and 8-K. These risks and other important factors discussed under
the caption “Risk Factors” in our most recent Annual Report on Form
10-K filed with the SEC, and our other reports filed with the SEC
could cause actual results to differ materially from those
indicated by the forward-looking statements made in this press
release.
Media Contact:ReevemarkPaul Caminiti/Pam
Greene/Luc HerbowyHC2@reevemark.com(212) 433-4600
Investor Contact: FNK IRMatt Chesler,
CFAir@hc2.com(212) 235-2691
HC2 (NYSE:HCHC)
Historical Stock Chart
From Mar 2024 to Apr 2024
HC2 (NYSE:HCHC)
Historical Stock Chart
From Apr 2023 to Apr 2024