Marking the first investment by KIF, the move expands the company’s digital infrastructures sector in Asia.
Currently, GMG operates a fleet of six vessels dedicated to the maintenance and installation of the global subsea fibre optic cable network.
The acquisition comes as the company predicts the global market for subsea cable maintenance and installation is projected to grow at an estimated 45% compound annual growth rate (CAGR) from 2023 to 2029.
Subscribe today for free
Keppel CEO of fund management and chief investment officer, Christina Tan, said: “We are excited to complete this investment in GMG. 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, GMG. With a substantial proportion of GMG’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.”
Tan added: “In addition, GMG’s strong expertise aligns with Keppel’s strategy to be an ecosystem partner for digital connectivity and supports our growth ambitions in the subsea cable business.”
RELATED STORIES
