HC2 Holdings [NYSE: HCHC] reported that the company decided on selling its Clean energy business. Beyond 6 Inc is majority-owned by HC2 and will be sold for approx. $169M to Mercuria Investment US Inc. HC2 will receive $65M in cash as it owns 61% of Beyond 6. Additionally, The company expects to use the net proceeds from the sale to reduce debt.
Wayne Barr Jr CEO of HC2 stated “ The transaction is a critical advancement for the company as our board proceeds to effectively assess business across our portfolio and monetize assets. This will improve our capital structure and give improved adaptability. Furthermore, it will permit us to allocate assets to high growth effectively.”
“Mercuria is eager to keep on executing on its corporate strategy of expanded investment in the energy transition to clean, and sustainable power sources,” said CIO, Brian Falik. “We anticipate expanding on the accomplishment of the brand worked by Andrew West. Moreover working with the Beyond6 in making multi-solution for decarbonization in the medium-and heavy auto sections for its clients.”