J.F. Lehman’s Acquisition of Global Marine Group

Jones Day advised J.F. Lehman & Company. Deutsche Bank Securities and ABN AMRO acted as M&A advisors to Global Marine in connection with the transaction. Blank Rome Maritime represented Global Marine Group.

An investment affiliate of the private equity investment firm, J.F. Lehman & Company (JFLCO), has agreed to acquire Global Marine Group (GMG).

The sale excludes the previously announced sale of GMG’s 49% joint venture with Huawei Marine Networks.

Total base consideration for 100% of GMG, excluding HMN, will be approximately USD 250 million in cash, subject to customary closing adjustments, plus a potential future earn-out should JFLCO and its investment affiliates achieve a specified multiple of their invested capital.

The transaction is expected to close by the end of the first quarter of 2020, subject to customary closing conditions.

GMG consists of three business units: Global Offshore, delivering the company’s cable installation, repair and trenching services to the offshore renewables, utilities and oil & gas markets; CWind, delivering topside, splash zone and subsea engineering services to the offshore renewables and utilities market; and Global Marine, providing fibre optic cable solutions to the telecommunications and oil & gas markets. The company also has two successful joint ventures in China, SBSS and HMN.

The Jones Day team was led by Robert Cardone (Picture), Alain Dermarkar and Thomas Hamilton.

The Blank Rome team was led by Douglas Shoemaker, Peter Schnur, and Michael Clare, and included Stefanos Roulakis, Thomas Cournoyer, and Ameya Paradkar.

Involved fees earner: Michael Clare – Blank Rome LLP; Thomas Cournoyer – Blank Rome LLP; Ameya Paradkar – Blank Rome LLP; Stefanos Roulakis – Blank Rome LLP; Peter Schnur – Blank Rome LLP; Douglas Shoemaker – Blank Rome LLP; Robert Cardone – Jones Day; Alain Dermarkar – Jones Day; Thomas Hamilton – Jones Day;

Law Firms: Blank Rome LLP; Jones Day;

Clients: Global Marine Group ; J.F. Lehman & Company;

Author: Ambrogio Visconti