HCHC - HC2 to sell clean energy business for $169M

HC2 Holdings (HCHC) +4.7% pre-market after agreeing to sell its majority-owned clean Beyond6 energy subsidiary to Mercuria Investments for $169M; HC2, which owns ~61% of Beyond6 on a fully diluted basis, expects to receive $65M in cash from the deal.HC2 says it plans to use its portion of the net proceeds from the transaction to reduce debt.The company says the sale will improve its capital structure and provide increased flexibility, allowing for more effective allocation of resources to high growth, value generating areas.Earlier this month, HC2 said it received a non-binding indication of interest for the potential acquisition of its insurance segment for a total potential transaction value of ~$90M.

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HC2 to sell clean energy business for $169M