CARLSBAD,
Calif., Dec. 18, 2024 /PRNewswire/ -- Viasat,
Inc. (NASDAQ: VSAT), a global leader in satellite
communications, today announced that it has completed the
divestiture of its Energy Services System Integration (SI) business
to US-based private investment firm MAG Capital Partners. No
further transaction details were announced.
Gary Chase, Chief
Financial Officer, Viasat said: "We are focused on taking strategic
actions and continuously looking at ways to enhance our financial
position and unlock value. This transaction is part of Viasat's
strategy to actively manage our portfolio. While the SI business is
a vibrant, stand-alone operation, it has minimal strategic
synergies with our core growth businesses.
"It made strong sense for the future of the SI
business – its employees and customers – to find a new owner
prioritizing large-scale telecoms project work to allow the
business to reach its full potential. In MAG Capital Partners, we
believe we have found an owner that will help the business continue
to expand. We appreciate the many contributions of our SI
colleagues and wish them continued success."
SI, which was included in Viasat's acquisition of
RigNet in 2021, provides engineering design, procurement services,
shop assembly, factory acceptance testing, and "day 2" support for
telecom systems installed on critical infrastructure projects.
Approximately 80 employees currently engaged in the SI business
will transfer to the new company, Nessco. The agreement includes
the sale of the company's SI facility in Aberdeen, Scotland. No locations are expected
to close as a result of the sale. Imperial Capital, LLC served as
exclusive financial advisor to Viasat in connection with the
sale of the SI business.
About Viasat
Viasat is a global
communications company that believes everyone and everything in the
world can be connected. With offices in 24 countries around the
world, our mission shapes how consumers, businesses, governments
and militaries around the world communicate and connect. Viasat is
developing the ultimate global communications network to power
high-quality, reliable, secure, affordable, fast connections to
positively impact people's lives anywhere they are—on the ground,
in the air or at sea, while building a sustainable future in space.
In May 2023, Viasat completed its
acquisition of Inmarsat, combining the teams, technologies and
resources of the two companies to create a new global
communications partner. Learn more at www.viasat.com, the
Viasat News Room or follow us on
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Copyright © 2024 Viasat, Inc. All rights
reserved. Viasat, the Viasat logo and the Viasat Signal are
registered in the U.S and in other countries to Viasat, Inc. All
other product or company names mentioned are used for
identification purposes only and may be trademarks of their
respective owners.
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, among others, statements that refer to the enhancement of
financial performance and unlocking of value resulting from the
active management of Viasat's portfolio; the number of
employees expected to transfer to the new company; and the number
of locations expected to close as a result of the sale. Readers are
cautioned that actual results could differ materially from those
expressed in any forward-looking statements. Factors that could
cause actual results to differ include: our ability to realize the
anticipated benefits of any existing or future satellite;
unexpected expenses related to our satellite projects; risks
associated with the construction, launch and operation of
satellites, including the effect of any anomaly, launch,
operational or deployment failure or degradation in satellite
performance; increasing levels of competition in our target
markets; our ability to successfully implement our business plan on
our anticipated timeline or at all; changes in the global business
environment and economic conditions; and our level of indebtedness
and ability to comply with applicable debt covenants. In addition,
please refer to the risk factors contained in our SEC filings
available at www.sec.gov, including our most recent Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q. 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.
We undertake no obligation to update or revise any forward-looking
statements for any reason.
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SOURCE Viasat, Inc.
