CARLSBAD, California., December 18, 2024 /PRNewswire/ — Viasat, Inc. (NASDAQ: VSAT), a global leader in satellite communications, today announced that it has completed the sale of its energy services systems (IS) integration business to US private investment firm MAG Capital Partners. No further details of the transaction have been announced.
Gary ChaseViasat Chief Financial Officer, said: “We are focused on taking strategic actions and continually looking for ways to improve our financial position and unlock value. This transaction is part of Viasat’s strategy to actively manage our portfolio. Although the IS business is a dynamic, standalone operation, it has minimal strategic synergies with our core growth activities.
“It made perfect sense for the future of the SI business – its employees and its customers – to find a new owner prioritizing large-scale telecommunications projects to allow the company to reach its full potential. potential. In MAG Capital Partners, we believe we have found an owner who will help the company continue to expand. We appreciate the many contributions of our SI colleagues and wish them continued success.
SI, which was included in Viasat’s 2021 acquisition of RigNet, provides engineering design, procurement services, shop assembly, factory acceptance testing and “day 2” support for telecommunications systems installed on critical infrastructure projects. Around 80 employees currently engaged in the IS business will be transferred to the new company, Nessco. The deal includes the sale of the company’s IS facilities to 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 IS 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 fast, reliable, secure, affordable and high-quality connections to positively impact people’s lives wherever they are – on the ground, in the air or in sea, while building a sustainable future in space. In May 2023Viasat has completed the acquisition of Inmarsat, combining the teams, technologies and resources of both companies to create a new global communications partner. Learn more about www.viasat.comTHE Viasat press room or follow us on Facebook, Instagram, LinkedIn, X Or YouTube.
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Forward-looking statements
This press release contains forward-looking statements that are subject to the safe harbor created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements include, among other things, statements that refer to the improvement of the 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 the forward-looking statements. Factors that could cause actual results to differ include: our ability to realize the anticipated benefits of any existing or future satellites; unforeseen expenses related to our satellite projects; risks associated with the construction, launch and operation of satellites, including the effect of any anomaly, launch, operation or deployment failure or degradation of satellite performance; increasing levels of competition in our target markets; our ability to successfully implement our business plan on a timely basis or at all; changes in the global business environment and economic conditions; and our level of indebtedness and our ability to comply with applicable debt covenants. Additionally, please refer to the risk factors contained in our SEC filings available at www.sec.govincluding 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 forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update or revise any forward-looking statements for any reason.
SOURCE Viasat, Inc.
