HC2 Completes Sale of Beyond6 Clean Energy Business

1/19/21

NEW YORK, Jan. 19, 2021 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. (NYSE: HCHC) announced today that it has completed the previously announced sale of its majority-owned clean energy subsidiary Beyond6, Inc. to Mercuria Investments US, Inc. for approximately $169 million.

HC2, which owned approximately 61% of Beyond6 on a fully diluted basis, received approximately $70 million in cash, which will be used to reduce debt.

“Completing this transaction marks another positive step forward for HC2. The net proceeds will reduce debt and further improve our capital structure, providing increased flexibility and enabling us to more effectively allocate resources to high growth, value generating areas of our business,” said Wayne Barr, Jr., Chief Executive Officer of HC2.

The transaction was previously announced on December 31, 2020. Goldman Sachs & Co. LLC acted as advisor to Beyond6 in connection with the transaction. Kramer Levin Naftalis & Frankel LLP acted as legal advisor to HC2, and Vinson & Elkins LLP acted as legal advisor to Mercuria.

About HC2

HC2 Holdings, Inc. (NYSE: HCHC) has a class-leading portfolio of assets primarily in Infrastructure, Life Sciences, Spectrum and Insurance. HC2 is headquartered in New York, New York and through its subsidiaries employs 2,864 people.

About Beyond6, Inc.

At Beyond6, Inc., the future is within reach and we can bring you closer to doing your part for sustainability. Beyond6, Inc. is a diversified energy solutions company focused on decarbonization. Through our growing network of CNG stations for the transportation industry and other decarbonization services, we are delivering opportunity to fleets across the country. Our team of highly-trained strategists, designers and operations professionals are changing perspectives as we move the alternative fuel industry forward. To learn more, visit www.beyond6.com.

About Mercuria Energy Group

Founded in 2004, Mercuria is one of the largest independent energy and commodity groups in the world, bringing efficiency to the commodity value chain with cutting-edge technology and unmatched expertise and solutions. Mercuria’s business includes trading flows, strategic assets and structuring activities that generate more than USD 120 billion in turnover. It operates from offices around the world, with a strong presence in the Americas, Asia and Europe. Information on Mercuria can be found on its website at www.mercuria.com.

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