Keppel Ltd has confirmed Keppel Infrastructure Fund (KIF) and an as yet unnamed co-investor have acquired subsea cable specialist Global Marine Group
KIF acquired the company, which specialises in subsea cable solutions, from JF Lehman & Co. Global Marine Group is one of the world’s largest independent subsea cable solutions providers. The deal is the first investment by the fund.
Based in the UK, Global Marine Group operates a fleet of six vessels providing installation and maintenance services for the subsea fibre optic cable network, ensuring seamless connectivity.
In a statement, KIF noted there is rising global demand for connectivity and a limited supply of specialised vessels. The market for installation and maintenance services is poised to grow at about 45% CAGR from 2023 to 2029.
“Keppel Ltd chief investment officer Christina Tan said, “We are excited to complete this investment. It is a rare and unique opportunity to acquire a world-leading provider of subsea cable maintenance and installation services.
“This investment builds on Keppel’s digital infrastructure strategy which includes the Bifrost Cable System, and now, Global Marine Group. With a substantial proportion of the company’s business secured by long-term contracts with huge growth potential, especially in Asia, we are poised to deliver attractive risk-adjusted returns to our investors.
“In addition, its expertise aligns with Keppel’s strategy to be an ecosystem partner for digital connectivity and supports our growth ambitions in the subsea cable business.”
