CARLSBAD, Calif., April 30, 2021 /PRNewswire/ -- Viasat Inc.
(NASDAQ: VSAT), a global communications company, today announced it
has completed its previously announced acquisition of RigNet, Inc.
(NASDAQ: RNET). RigNet's stockholders approved the transaction on
April 21, 2021.
"RigNet will bring extensive sector expertise, an established
customer base and a global communications delivery infrastructure
to help further accelerate Viasat's ability to provide
high-quality, ubiquitous, affordable broadband connectivity and
communications to the hardest-to-reach locations around the globe,"
said Rick Baldridge, Viasat's
president and chief executive officer. "With the close of this
transaction, we look forward to integrating RigNet and its global
team into the Viasat family. Their technology, culture
and customer philosophy are a strong complement to Viasat.
Together, we believe we can further expand Viasat's portfolio
diversification strategy and solve customers' toughest
communications challenges."
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 renewable
energy, transportation, maritime, mining and other enterprise
markets. The RigNet team will continue to be primarily based out of
Houston, Texas, with additional
operations around the world. The RigNet team will join Viasat's
Global Enterprise & Mobility business, led by business
President, Jimmy Dodd.
Additional details around the transaction, initially announced
on December 21, 2020, can be found in
the original announcement, here.
About Viasat
Viasat is a global communications
company that believes everyone and everything in the world can be
connected. For more than 30 years, Viasat has helped
shape how consumers, businesses, governments and militaries around
the world communicate. Today, the Company is developing the
ultimate global communications network to power high-quality,
secure, affordable, fast connections to impact people's lives
anywhere they are—on the ground, in the air or at sea. To learn
more about Viasat, visit: www.viasat.com, go
to Viasat's Corporate Blog, or follow the Company on
social media
at: Facebook, Instagram, LinkedIn, Twitter or YouTube.
Forward-Looking Statements
This press release contains
forward-looking statements that are subject to the safe harbors
created under the Securities Act of 1933 and the Securities
Exchange Act of 1934. Forward looking statements include among
others, statements that refer to the expected benefits of the
RigNet acquisition, including expected resulting enhancements to
Viasat's sector expertise, customer base, infrastructure, systems
and services; expansion into new adjacent industries; integration
activities; the anticipated value of the combined business to
customers and partners; the expected performance of RigNet's
advanced software and communications technologies; expected impact
of the acquisition on Viasat's results of operations and financial
condition; anticipated growth and trends in the business or key
markets of Viasat, RigNet and the combined company; and plans,
objectives and strategies for future operations. Readers are
cautioned that actual results could differ materially from those
expressed in any forward-looking statements. Factors that could
cause actual results to differ include: the ability of Viasat to
successfully integrate RigNet operations, technologies and
employees; the ability to realize anticipated benefits and
synergies of the acquisition, including the expectation of
enhancements to Viasat's products and services, greater revenue
opportunities, operating efficiencies, and cost savings; the
ability to ensure continued performance and market growth of
RigNet's business; changes in the global business environment and
economic conditions; the availability and cost of credit; the
ability to successfully develop, introduce, and sell new products
and enhancements; changes in relationships with key customers,
suppliers, distributors, resellers, and others as a result of the
acquisition; and other factors affecting the communications
industry generally. In addition, please refer to the risk factors
contained in Viasat's SEC filings available
at www.sec.gov, including Viasat's most recent
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Readers are cautioned not to place undue reliance on any
forward-looking statements, which speak only as of the date on
which they are made. Viasat undertakes no obligation to
update or revise any forward-looking statements for any reason.
Copyright © 2021 Viasat, Inc. All rights reserved. Viasat,
the Viasat logo and the Viasat signal are registered trademarks of
Viasat, Inc. All other product or company names mentioned are used
for identification purposes only and may be trademarks of their
respective owners.
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SOURCE Viasat, Inc.