Entrepreneur Andy Ruhan has acquired marine cable-laying company Global Marine from US-based telecoms group Global Crossing for £8.1m.
Global Crossing paid Cable & Wireless £555m for the company four years ago.
Ruhan’s Bridgehouse Marine business has taken on £64m of debt as part of the Global Marine deal. Ruhan becomes Global Marine’s chairman, with Peter Ford as acting chief executive.
Global Crossing emerged from Chapter 11 bankruptcy in December. Global Crossing was previously a client of the Global Switch data centre group that Ruhan founded and later sold.
In 2003, Ruhan’s Atlantic Hotels group paid £800m to buy 37 Thistle Hotels from Orb Estates. With Miller Developments, Ruhan’s Bridgehouse Capital is behind Birmingham’s £450m Arena Central scheme.
References: EGi News 25/08/04
