Viasat To Acquire RigNet, for USD222M
Summary
The all-stock transaction represents an enterprise value of $222m, including RigNet’s net debt as of September 30, 2020, based on the closing price of Viasat common stock on December 18, 2020. Led by Steven Pickett, President and Chief Executive Officer, RigNet delivers advanced software and communications infrastructure that allow customers to realize the business benefits of digital transformation. Led by Rick Baldridge, President and Chief Executive Officer, Viasat is a global company that provides consumers, businesses, governments and militaries around the world solutions to communicate. Based on the parties’ volume weighted average prices (“VWAPs”) for the 20 trading days ending on December 18, 2020, the transaction represents a 17.9% premium for RigNet’s stockholders. An affiliate of KKR & Co. Inc., RigNet’s largest shareholder, has entered into a support agreement in which it has agreed to vote in favor of approving the merger, subject to certain conditions.
Classifications
AskAI Classifications
LabelsLinked Companies
