Global communications firm Viasat has completed the acquisition of the offshore communications solutions provider RigNet, after RigNet’s
stockholders approved the transaction on April 21, 2021.
The proposed merger was first announced in December 2020, when Viasat said it would buy Houston-based RigNet in an all-stock transaction that valued 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.
"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 communications service and installation capabilities, along with digital transformation solutions to the international offshore energy industry, which, Viasat says, 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.