HC2 Announces Sale of Beyond6 Clean Energy Business for Approximately $169 Million
“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
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
"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
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.
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
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 proposed sale of Beyond6 to Mercuria, including the expected closing date and the amount and use of proceeds thereof, and 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. Accordingly, no assurance can be given that the proposed sale of Beyond6 to Mercuria will be completed as proposed, or at all. 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
Source: HC2 Holdings, Inc.