Hawaiki Submarine Cable has been bought by Singapore-based BW Digital, an affiliate of BW Group, subject to regulatory approvals.
The cable, which cost over NZ$445 million dollars to lay, was sold for an undisclosed price.
Having established a successful subsea cable business with the support of customers and partners, Hawaiki embarked on a process to find a new long-term shareholder able to take the company to the next stage of development, Rémi Galasso, executive chairman of Hawaiki, said.
"BW has an excellent track record of growth in maritime and technology-related assets, combined with the highest standards of governance and strong access to capital through relationships with leading global banks and through the capital markets," he said.
The cable covers 15,000 kilometres, linking Australia, New Zealand, American Samoa, the Pacific Islands, Hawaii and landing at Oregon. The current Hawaiki team would continue to manage the business. Three years after Hawaiki’s commercial launch, it was time to "write a new chapter" of the company’s history, Galasso said.
BW Group has a heritage in maritime connectivity and infrastructure, with assets spanning production, transportation and distribution.
"Our strategy is to help connect countries across the oceans while working to reduce our environmental impact, including recent investments into wind installation vessels, floating wind, batteries, solar and other sustainable technologies," Andreas Sohmen-Pao, executive chairman of BW Group, said.
"Hawaiki is a great fit and we are pleased to be able to support the team in their next phase of development”.