HC2 Holdings announces sale of Beyond6 for approximately $169 million

HC2 Holdings, Inc. has announced the sale of its majority-owned clean energy subsidiary Beyond6, Inc. to Mercuria Investments US, Inc. for approximately $169 million. HC2, which owns approximately 61 per cent stake in Beyond6 on a fully diluted basis, expects to receive approximately $65 million in cash. 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. Mercuria has stated that 50 per cent of its new investments will be in the renewable energy industry over the next five years.

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