NEW YORK, Sept. 20, 2018 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. (NYSE: HCHC), a diversified holding company, announced today that the parent company of its telecom subsidiary PTGi-ICS has changed its name from Arbinet Corporation to ICS Group Holdings Inc.,

ICS Group’s mandate is to seek out and purchase companies that have a proven track record, a strong balance sheet and low capital expenditures. Target acquisitions will be small to medium opportunities in the communication and Information Technology (“IT”) marketplace globally.

HC2 also announced that ICS Group has entered into a definitive agreement to acquire Go2Tel.com Inc. (“Go2Tel”), a well-established VoIP carrier that offers high-quality termination services, primarily in Latin America, South America and the Caribbean. Based in Miami, FL, Go2Tel also has a skilled team with presence in Colombia, Bolivia and Spain, and alliances with more than 200 companies in their region.

“ICS Group will be an efficient new vehicle for HC2 to generate value for its shareholders in the global communication and IT marketplace,” said Philip Falcone, HC2’s Chairman, President and Chief Executive Officer. “ICS Group’s first acquisition under its new name and mandate, Go2Tel, will support continued dividend contributions back to HC2.”

“Go2Tel is the first acquisition by ICS Group as we embark on the pursuit of attractive M&A opportunities,” said Craig Denson, President and Chief Executive Officer, ICS Group Holdings Inc. “This transaction is a natural complement to our ownership of PTGi-ICS, and will help us continue to pay dividends up to our parent company.”

Financial terms were not disclosed, but ICS Group will use cash on hand for the transaction. The closing of the transaction is expected to close in the fourth quarter of 2018.

About HC2

HC2 Holdings, Inc. is a publicly traded (NYSE: HCHC) diversified holding company, which seeks opportunities to acquire and grow businesses that can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. HC2 has a diverse array of operating subsidiaries across eight reportable segments, including Construction, Marine Services, Energy, Telecommunications, Life Sciences, Broadcasting, Insurance and Other. HC2’s largest operating subsidiaries include DBM Global Inc., a family of companies providing fully integrated structural and steel construction services, and Global Marine Systems Limited, a leading provider of engineering and underwater services on submarine cables. Founded in 1994, HC2 is headquartered in New York, New York. Learn more about HC2 and its portfolio companies at www.hc2.com.