CARLSBAD, Calif., and
LONDON, Oct. 18, 2022 /PRNewswire/ -- Viasat Inc.,
(NASDAQ: VSAT), a global communications company, and Inmarsat, a
leading provider of global mobile satellite communications
services, today announced that the Australian Government's Foreign
Investment Review Board (FIRB) has confirmed it has no objections
to the planned combination of their businesses.
FIRB's clearance of Viasat's proposed acquisition of Inmarsat
under the Foreign Acquisitions and Takeovers Act 1975 is the latest
approval for the transaction. Australia is an important market in which the
companies have significant business and customer relationships.
Mark Dankberg, CEO and executive
chairman of Viasat, said: "We're delighted to secure approval from
the Australian Government. The combined business will have the
scale, deep engineering capabilities and scope to deliver leading
technology and services for our customers in Australia and across the globe. Australia is well advanced as a space-faring
nation and we are excited about the significant opportunities to
support the growth of the Australian space sector, given the
increased resources, unity of purpose and broader coverage the
joint entity will have."
Rajeev Suri, Inmarsat CEO, added:
"Approval by Australia's Foreign
Investment Review Board is a welcome further endorsement of the
sound competitive logic behind the transaction. Australia is an international market that is
key to global advances and innovation in mobility. Their approval
brings us one step closer to being even better placed to invest in
the technologies required to compete in a fast-changing global
satellite communications market undergoing profound changes."
The proposed transaction has already secured several key
regulatory approvals, most recently with the UK Government's
clearance of the proposed transaction under the National Security
and Investment Act, and over the summer from the Committee on
Foreign Investment in the United
States.
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 statements that refer to the scale, capabilities
and scope of, and benefits provided by, the proposed combination
of Viasat and Inmarsat. Readers are cautioned that actual
results could differ materially and adversely from those expressed
in any forward-looking statements. Factors that could cause actual
results to differ include: risks and uncertainties related to the
transaction, including the failure to obtain, or delays in
obtaining, required regulatory approvals or clearances; the risk
that any such approval may result in the imposition of conditions
that could adversely affect Viasat, the combined company or
the expected benefits of the transaction; the failure to satisfy
any of the closing conditions to the transaction on a timely basis
or at all; any adverse impact on the business
of Viasat or Inmarsat as a result of uncertainty
surrounding the transaction; the nature, cost and outcome of any
legal proceedings related to the transaction; the occurrence of any
event, change or other circumstances that could give rise to the
termination of the definitive agreement for the transaction,
including in circumstances requiring Viasat to pay a
termination fee; the risk that Viasat's stock price may
decline significantly if the transaction is not consummated; the
failure to obtain the necessary debt financing arrangements set
forth in the commitment letters received in connection with the
transaction; risks that the transaction disrupts current plans and
operations or diverts management's attention from its ongoing
business; the effect of the announcement of the transaction on the
ability of Viasat to retain and hire key personnel and
maintain relationships with its customers, suppliers and others
with whom it does business; the ability of Viasat to
successfully integrate Inmarsat operations, technologies and
employees; the ability to realize anticipated benefits and
synergies of the transaction, including the expectation of
enhancements to Viasat's products and services, greater
revenue or growth opportunities, operating efficiencies and cost
savings; the ability to ensure continued performance and market
growth of the combined company's business; changes in the global
business environment and economic conditions; the availability and
cost of credit; risks associated with the construction, launch and
operation of satellites, including the effect of any anomaly,
operational failure or degradation in satellite
performance; Viasat's or the combined company's ability
to successfully develop, introduce and sell new technologies,
products and services; changes in relationships with key customers,
suppliers, distributors, resellers and others as a result of the
transaction or otherwise; Viasat's and Inmarsat's
reliance on a limited number of third parties to manufacture and
supply their respective products; the risk of litigation or
regulatory actions to Viasat and/or Inmarsat; inability
to retain key personnel; the impact of the COVID-19 pandemic
on Viasat's or Inmarsat's business, suppliers, consumers,
customers, and employees or the overall
economy; Viasat's and the combined company's level of
indebtedness and ability to comply with applicable debt covenants;
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, Quarterly Reports on Form 10-Q,
and the definitive proxy statement filed in connection with
the transaction, and such reports that are subsequently filed with
the SEC. 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.
About Viasat
Viasat is a global communications company that believes
everyone and everything in the world can be connected. For over 35
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.
About Inmarsat
Inmarsat delivers world leading, innovative, advanced and
exceptionally reliable global, mobile communications across the
world – in the air, at sea and on land - that are enabling a new
generation of commercial, government and mission-critical
services. Inmarsat is powering the digitalisation of
the maritime industry, making operations more efficient and
safer than ever before. It is driving a new era of inflight
passenger services for aviation, while ensuring that aircraft
can fly with maximum efficiency and safety. Furthermore, Inmarsat
is enabling the rapid expansion of the Internet of
Things (IoT) and enabling the next wave of world-changing
technologies that will underpin the connected society and help
build a sustainable future. And now Inmarsat is developing the
first-of-its-kind, multi-dimensional communications network of the
future, ORCHESTRA. In November
2021, Inmarsat and Viasat announced the planned
combination of the two companies, to create a new leader in global
communications. For further information, follow
us: Twitter | LinkedIn | Facebook | YouTube | Instagram.
Copyright © 2022 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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