Business
Viasat Announces Definitive Agreement to Acquire RigNet
- Acquisition Expected to Expand and Diversify Viasat's Commercial Connectivity Portfolio, Add Complementary Technology and Align with Viasat's Global
About this update from Viasat, Inc.
[{"type":"text","content":"- Acquisition Expected to Expand and Diversify Viasat's Commercial Connectivity Portfolio, Add Complementary Technology and Align with Viasat's Global Operations Ahead of the ViaSat-3 Satellite Constellation Launch\n - Investor Conference Call Scheduled for Monday, December 21, 2020 at 8:30 a.m. Eastern Time\n\n\nCARLSBAD, Calif., Dec. 21, 2020 /PRNewswire/ -- Viasat Inc. (NASDAQ: VSAT), a global communications company, today announced it entered into a definitive agreement to acquire RigNet, Inc. (NASDAQ: RNET), a leading provider of ultra-secure, intelligent networking solutions and specialized applications, in an all-stock transaction that values RigNet at an enterprise value of approximately $222 million based on Viasat's share price as of the date of the agreement and RigNet's net debt at September 30, 2020.\nThe acquisition will help to further accelerate Viasat's strategy to provide high-quality, ubiquitous, affordable broadband connectivity and communications to the hardest-to-reach locations around the globe. RigNet provides premier, global end-to-end, secure managed communications service and installation capabilities, along with digital transformation solutions, which will enable Viasat to quickly expand into new adjacent industries, including: energy, shipping, maritime, mining and additional enterprises.\nRick Baldridge, Viasat's president and CEO commented, \"With the acquisition of RigNet, we are accelerating the diversification of our connectivity portfolio and establishing a global foundation for expansion of our remote enterprise service offerings. RigNet's successful track record, global footprint, deep customer relationships and emerging technology expertise in areas like machine learning and artificial intelligence (AI) make this transaction an ideal fit as we launch our integrated global broadband platform. The transaction is accretive to cashflow, and is expected to improve our leverage position as well as offer multiple opportunities for expansion and performance upside beyond RigNet's robust energy services business. We're looking forward to welcoming the RigNet team to the Viasat family post-closing.\"\n\"There is a powerful alignment between RigNet and Viasat given our shared mission to provide fast, reliable coverage, anywhere customers require it,\" said Steven Pickett, president and CEO, RigNet. \"W...