(RTTNews) - HC2 Holdings Inc. (HCHC) said that it has agreed to sell its majority-owned clean energy subsidiary Beyond6 Inc. to Mercuria Investments US Inc. for about $169 million.
HC2, which owns about 61% of Beyond6 on a fully diluted basis, expects to receive about $65 million in cash.
HC2 said it plans 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.
The transaction was unanimously approved by the Board of Directors of HC2.
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