Kestelman has big $20m budget for Southbank site
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Larry Kestelman is understood to have splashed out nearly $20 million on the Budget development site on City Road, Southbank.
Records show one of Mr Kestelman’s companies, LKPG SPV3, put a caveat on the low-rise warehouse in November.
Larry Kestelman: A capital success at Capitol Grand.
Credit:Eamon Gallagher
Mr Kestelman is cashed up after selling down his South Yarra holdings to Greystar last year for a new build-to-rent project in the Forrest Hills precinct.
Viasat announces $222m RigNet acquisition
Global communications company unveils plans to expand and diversify commercial connectivity portfolio, with purchase of intelligent networking solutions firm to add complementary technology
Share this item with your network: By Published: 22 Dec 2020 9:45
Looking to further accelerate its strategy to provide high-quality, ubiquitous, affordable broadband connectivity and communications to the hardest-to-reach locations around the globe, Viasat has entered into a definitive agreement to acquire secure, intelligent networking solutions and specialised applications developer RigNet.
With over 650 employees, RigNet provides premier, global end-to-end, secure managed communications service and installation capabilities, along with digital transformation solutions. The company boasts that it has a strong global support infrastructure and operations foundation with more than 50% of its employees overseas.
Viasat has agreed to acquire
RigNet, the operator announced Monday, a move that will make Viasat a vertically-integrated player in the energy sector. The all-stock transaction gives RigNet, which provides networking solutions for remote oil and gas operations, an enterprise value of approximately $222 million.
This is another move from Viasat to diversify its portfolio ahead of the launch of its ViaSat-3 constellation, after the operator announced in November it is purchasing the remaining share of European wholesale broadband services business
Euro Broadband Infrastructure (EBI). The first ViaSat-3 satellite is targeted for launch at the end of the calendar year 2021.
Viasat plans to incorporate RigNet into its Global Enterprise and Mobility business unit, led by President Jimmy Dodd. The company has more than 650 customers and has deployed more than 1,200 onshore and offshore sites and 11,000 Industrial Internet of Things (IIoT) sites. The transaction is expected to close
CARLSBAD, California Viasat, a global communications company, today announced it entered into a definitive agreement to acquire RigNet, a leading provider of ultra-secure, intelligent networking solutions and specialized applications, in an all-stock transaction that values 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.
The acquisition will help to further accelerate Viasat s strategy to provide high-quality, ubiquitous, affordable broadband connectivity and communications to the hardest-to-reach locations around the globe. 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: energy, shipping, maritime, mining and additional enterprises.
Viasat Announces Definitive Agreement to Acquire RigNet
- Acquisition Expected to Expand and Diversify Viasat s Commercial Connectivity Portfolio, Add Complementary Technology and Align with Viasat s Global Operations Ahead of the ViaSat-3 Satellite Constellation Launch
- Investor Conference Call Scheduled for Monday, December 21, 2020 at 8:30 a.m. Eastern Time
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CARLSBAD, Calif., Dec. 21, 2020 /PRNewswire/ Viasat Inc. (NASDAQ: VSAT), a global communications company, today announced it entered into a definitive agreement to acquire RigNet, Inc. (NASDAQ: RNET), a leading provider of ultra-secure, intelligent networking solutions and specialized applications, in an all-stock transaction that values 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.