RTTNews | Dec 21, 2020 06:15AM EST

06:14 Monday, December 21, 2020 (RTTNews.com) - Viasat Inc. (VSAT) agreed to buy RigNet Inc. (RNET) in an all-stock transaction representing an enterprise value of $222 million, including net debt, RigNet said in a statement on Monday.

As per the terms of the deal, RigNet's stockholders will receive a fixed exchange ratio of 0.1845 shares of Viasat stock for each RigNet share owned. Based on the parties' volume weighted average prices for the 20 trading days ending on December 18, the transaction represents a 17.9% premium for RigNet's stockholders.

Upon closing RigNet stockholders are expected to own about 5.7% of Viasat's outstanding common stock.

The transaction is expected to close by mid-calendar year 2021.

An affiliate of KKR & Co. Inc., RigNet's largest shareholder, has entered into a support agreement in which it has agreed to vote in favor of approving the merger.

Read the original article on RTTNews ( https://www.rttnews.com/3155283/viasat-to-buy-rignet-in-222-mln-stock-deal-quick-facts.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com All Rights Reserved