Viasat Inc., a global communications company, today announced it has completed its previously announced acquisition of RigNet, Inc. 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.”
Viasat Completes Acquisition of RigNet
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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 fur
Frankston warehouse sells for $13.8m
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Carrum Downs
Carrum Downs Property Group has offloaded a warehouse at 75 Frankston Gardens Drive for $13.8 million in a deal managed by Colliers’
James Stott and
Gordon Code. The 9587 sq m building sold at a yield of 5.43 per cent. It was leased to Nov Mono on a 5.2 year WALE returning $750,244 per annum.
Carrum Downs Property Group has offloaded a warehouse at 75 Frankston Gardens Drive for $13.8 million.
Credit:
Moonee Ponds
Leased to a hairdressing salon, 10 Margaret Street has sold at auction for $1,093,000. CRS Property’s
Frankston warehouse sells for $13 8m theage.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theage.com.au Daily Mail and Mail on Sunday newspapers.
Oil rig. Photo: Pete Markham (Flickr)
RigNet saw its overall Full Year 2020 revenues decrease 14.4% compared to 2019, due to a continued economic slump in the energy sector. But, the company is beginning to see some signs of life from its applications and Internet of Things (IoT) businesses as it enters the process of being acquired by satellite operator
Viasat.
RigNet brought in $47 million in Fourth Quarter (Q4) 2020 revenue, a decrease of $17.0 million, or 26.6%, compared to its Q4 revenue of $64.1 million in 2019. Its Q4 Managed Communications Services revenue decreased by $9.5 million compared to Q4 2019. RigNet’s management attributed this to oil and gas rig-stacking, which decreases the total number of rigs it has to service, as well as non-recurring service installation revenue from LTE network expansions that happened last year in the Gulf of Mexico.