Strategic combination expands Viasat’s commercial connectivity offering
RigNet stockholders to receive 0.1845 shares of Viasat stock per RigNet share, a 17.9% premium over both companies’ 20-day volume-weighted average prices
RigNet’s Board of Directors and largest stockholder support transaction
Transaction expected to close by mid-calendar year 2021
Investor Conference Call Scheduled for Monday, December 21, 2020 at 8:30 a.m. Eastern Time
RigNet, Inc., a leading provider of ultra-secure, intelligent networking solutions and specialized applications, announced that its Board of Directors has unanimously approved the Company’s entry into a definitive agreement whereby Viasat Inc. will acquire RigNet in an all-stock transaction representing an enterprise value of $222 million, including RigNet’s net debt as of September 30, 2020, based on the closing price of Viasat common stock on December 18, 2020. The strategic combination creates a vertically integrated communications company serving customers in industries that include government, airlines, residential, energy, and others by providing cutting-edge connectivity from the satellite to the end customer and delivering premier managed communications services coupled with a suite of advanced application solutions that include real-time machine learning and advanced cybersecurity.
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“We are excited to announce this strategic combination with Viasat, a leading global innovator in satellite technology and service delivery,” said Steven Pickett, RigNet’s President and Chief Executive Officer. “This is a transformative merger with a company that is highly diversified across a number of important verticals, maintains a strong balance sheet, and is planning to expand its global satellite coverage significantly through its upcoming ViaSat-3 constellation. We believe the merger will create new opportunities for the combined companies to serve customers even better in energy and to expand more rapidly into other vertical markets. The combined companies will also be able to further accelerate the growth of RigNet’s industry-leading AI-backed machine learning business, Intelie, and our other specialized apps, across a broader customer base than RigNet could have reached independently.”
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Rick Baldridge, Viasat’s President and Chief Executive Officer, commented, “We believe that RigNet will be a wonderful addition to Viasat’s expanding commercial connectivity program. We admire what Steve and his team have built over the last several years, performing well relative to peers in the energy sector, moving up the stack, and delivering some truly exceptional capabilities that are unique among their competitors. We see RigNet as an important element in our global expansion efforts and expect to achieve accretive synergies that go well beyond traditional cost savings. There is tremendous upside potential here, and we look forward to closing the acquisition as quickly as possible so both companies and our stockholders can realize the benefits of the combination and fulfill our vision of connecting everyone, anywhere.”
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