HC2 Announces Sale of Beyond6 Cleanse Electrical power Business enterprise for Close to $169 Million

NEW YORK, Dec. 31, 2020 (World NEWSWIRE) — HC2 Holdings, Inc. (“HC2” or “the Company”) (NYSE: HCHC) introduced today that it has agreed to provide its majority-owned clean power subsidiary Over and above6, Inc. (“Beyond6”) to Mercuria Investments US, Inc. (“Mercuria”) for around $169 million. HC2, which owns about 61{9e6a73ef7eb6fa22b1de79554ca535a2a0aaa70d898e937e26eb250763832f63} of Over and above6 on a thoroughly diluted basis, expects to acquire approximately $65 million in cash, topic to customary closing adjustments.

“The sale of Beyond6 is one more substantial action forward for HC2 as our Board carries on to actively consider firms throughout our portfolio and monetize assets that increase our funds framework and present elevated overall flexibility, which will allow for us to much more efficiently allocate sources to large growth, worth generating locations of the business,” explained Wayne Barr, Jr., Chief Govt Officer of HC2. “The internet proceeds from the sale will make it possible for HC2 to considerably minimize credit card debt as we carry on to chart our path forward.”

HC2 intends to use its part of the net proceeds from the transaction to reduce credit card debt. The transaction is predicted to be accomplished in the first quarter of 2021, subject to regulatory approval and customary closing ailments. The transaction was unanimously accredited by the Board of Directors of HC2.

Included Barr, “Since HC2 acquired a bulk stake in Outside of6 in 2014, the company has grown into 1 of the biggest companies of substitute fuels in the U.S. With the assistance of Mercuria’s means and knowledge, we’re self-confident the company will go on to just take benefit of emerging opportunities as the globe moves towards cleaner, safer and extra economical sources of gas. We would like Outside of6 and its talented workforce ongoing accomplishment.”

“Mercuria is enthusiastic to keep on to execute on its corporate system of enhanced financial investment in the electrical power transition to clear, renewable electrical power sources,” mentioned Chief Investment decision Officer, Brian Falik. “We seem forward to creating on the achievement of the brand built by Andrew West and doing work with the Over and above6 group in developing holistic turnkey remedies for decarbonization in the medium- and heavy-obligation car or truck segments for its blue-chip corporate clients.”

Mercuria, just one of the world’s most significant built-in unbiased strength and commodities companies, has mentioned 50 per cent of its new investments would be in renewable electrical power around the up coming five many years.

Goldman Sachs & Co. LLC is acting as advisor to Further than6 in connection with the transaction. Kramer Levin Naftalis & Frankel LLP is performing as authorized advisor to HC2, and Vinson & Elkins LLP is acting as lawful advisor to Mercuria.

About HC2

HC2 Holdings, Inc. (NYSE: HCHC) has a course-major portfolio of property largely in Infrastructure, Everyday living Sciences, Spectrum, Insurance coverage and Clean Electricity. HC2 is headquartered in New York, New York and via its subsidiaries employs 2,864 individuals. 

About Over and above6, Inc.

At Past6, Inc., the future is inside of attain and we can carry you nearer to accomplishing your component for sustainability. Beyond6, Inc. is a diversified electrical power alternatives corporation focused on decarbonization. As a result of our growing network of CNG stations for the transportation field and other decarbonization services, we are providing opportunity to fleets throughout the region. Our workforce of remarkably-educated strategists, designers and functions professionals are altering perspectives as we transfer the option fuel industry ahead. To study a lot more, visit www.past6.com

About Mercuria Strength Team

Established in 2004, Mercuria is one particular of the most significant independent strength and commodity groups in the world, bringing efficiency to the commodity worth chain with slicing-edge technology and unmatched skills and remedies. Mercuria’s business incorporates buying and selling flows, strategic property and structuring routines that produce far more than USD 120 billion in turnover. It operates from offices about the entire world, with a potent existence in the Americas, Asia and Europe. Information and facts on Mercuria can be uncovered on its internet site at  www.mercuria.com.

Cautionary Statement Concerning Ahead-Seeking Statements

Protected Harbor Assertion less than the Personal Securities Litigation Reform Act of 1995: This press launch includes, and certain oral statements created by our representatives from time to time may possibly comprise, forward-on the lookout statements relating to the proposed sale of Further than6 to Mercuria, including the anticipated closing date and the volume and use of proceeds thereof, and our anticipations with regards to our ongoing analysis of our business enterprise, cash composition and allocation of sources, such as, with out limitation , any statements pertaining to evaluation of our companies, monetization of property, allocation of sources and personal debt reduction, as perfectly as all those that could be discovered by terms these kinds of as “will,” “intend,” “expect,” “anticipate,” “should,” “could” and comparable expressions, all of which include threats, assumptions and uncertainties, several of which are outside of the Company’s control, and are matter to improve. Appropriately, no assurance can be specified that the proposed sale of Further than6 to Mercuria will be accomplished as proposed, or at all. All ahead-wanting statements converse only as of the date created, and until legally needed, HC2 undertakes no obligation to update or revise publicly any forward-hunting statements, whether as a consequence of new info, upcoming activities or or else. HC2’s precise results could differ materially from all those expressed or implied in the forward-hunting statements thanks to a assortment of vital factors, both of those constructive and detrimental, that could be revised or supplemented in subsequent statements and experiences submitted with the Securities and Exchange Fee (“SEC”), like in our reports on Forms 10-K, 10-Q, and 8-K. These dangers and other critical things mentioned less than the caption “Risk Factors” in our most recent Yearly Report on Kind 10-K filed with the SEC, and our other reports filed with the SEC could result in true success to differ materially from all those indicated by the forward-on the lookout statements designed in this press release.

Media Make contact with:
Paul Caminiti/Pam Greene/Luc Herbowy
[email protected]  
(212) 433-4600

Investor Get hold of:
Matt Chesler, CFA
[email protected]
(212) 235-2691