On the ground, then in the air, and now at sea: Viasat is buying RigNet in $222M all-stock transaction

by Peter B. de Selding

PARIS — Broadband hardware and service provider Viasat Inc., extending its vertical integration into the offshore-energy communications sector, is purchasing RigNet Inc. in an all-stock transaction valued at $222 million including RigNet’s net debt, the two companies announced Dec. 21.

Houston, Texas-based RigNet’s business has suffered with the downturn in the offshore-energy business caused by lower crude-oil prices and accelerated by the Covid-19 pandemic.

RigNet reported a net loss of $5.5 million on revenue of $48.7 . . .

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