Viasat Receives Stockholder Approval for Proposed Acquisition of Inmarsat
Viasat Inc. (NASDAQ: VSAT) announced that its shareholders approved the acquisition of Inmarsat during a Special Meeting. The transaction is anticipated to close in the latter half of 2022, pending regulatory approvals and customary closing conditions. This acquisition aims to create a leading global communications company, enhancing innovation and providing a solid foundation for free cash flow. Viasat's CEO highlighted the overwhelming support from shareholders as a crucial milestone for future revenue and EBITDA growth.
- Shareholder approval received for Inmarsat acquisition.
- Expected to enhance innovation and broaden service offerings.
- Projected increase in revenue, EBITDA, and free cash flow.
- Regulatory approvals still required, which could delay the transaction.
- Risks of integration challenges and realization of anticipated synergies.
CARLSBAD, Calif., June 21, 2022 /PRNewswire/ -- Viasat Inc. (NASDAQ: VSAT), a global communications company, announced today that, at its Special Meeting of Stockholders, it received the necessary stockholder approvals for the proposed acquisition of Inmarsat. Viasat continues to expect the transaction to close in the second half of calendar year 2022, subject to the receipt of certain regulatory approvals and clearances and the satisfaction of other customary closing conditions.
The combined company will create a leading global communications innovator with enhanced scale and scope to affordably, securely, and reliably connect the world. Viasat believes the strategic combination will increase the pace of innovation to help drive new and better services for customers, broaden opportunities for employees, and provide a foundation for significant positive free cash flow.
Richard Baldridge, President & Chief Executive Officer, commented: "This approval is an important milestone as we move closer to completing our acquisition of Inmarsat. The overwhelming support of our shareholders confirms that this transformative combination is in the best interests of our company, shareholders, and allows for significant future growth in revenue, EBITDA and free cash flow. The combination of our unique teams, technologies, and resources will provide an incredible foundation to advance broadband communications and drive greater performance, reliability, and value for our customers. We are excited about what the future holds and look forward to the opportunities ahead."
The complete results of the Special Meeting will be reported in a Form 8-K to be filed with the U.S. Securities and Exchange Commission in the coming days, after certification by Viasat's Inspector of Election.
About Viasat
Viasat is a global communications company that believes everyone and everything in the world can be connected. For more than 36 years, Viasat has helped shape how consumers, businesses, governments and militaries around the world communicate. Today, the Company is developing the ultimate global communications network to power high-quality, secure, affordable, fast connections to impact people's lives anywhere they are—on the ground, in the air or at sea. To learn more about Viasat, visit: www.viasat.com, go to Viasat's Corporate Blog, or follow the Company on social media at: Facebook, Instagram, LinkedIn, Twitter or YouTube.
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 statements that refer to the anticipated transaction close date; the receipt of regulatory approvals and clearances; the expected benefits of the Inmarsat acquisition, including enhanced teams, technologies, resources, scale, scope and services; new and better services, and greater performance, reliability, and value for our customers; expected impact of the acquisition on Viasat's opportunity for employees, and results of operations and financial condition; anticipated growth and trends in the business or key markets of the combined company; and plans, objectives and strategies for future operations. Readers are cautioned that actual results could differ materially and adversely from those expressed in any forward-looking statements. Factors that could cause actual results to differ include: the ability of Viasat to successfully integrate Inmarsat operations, technologies and employees; the ability to realize anticipated benefits and synergies of the acquisition, including the expectation of enhancements to Viasat's products and services, greater revenue opportunities, operating efficiencies, and cost savings; the ability to ensure continued performance and market growth of the business; changes in the global business environment and economic conditions; the availability and cost of credit; changes in relationships with key customers, suppliers, distributors, resellers, and others as a result of the acquisition; and other factors affecting the communications industry generally. In addition, please refer to the risk factors contained in Viasat's SEC filings available at www.sec.gov, including Viasat's 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. Viasat undertakes no obligation to update or revise any forward-looking statements for any reason.
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SOURCE Viasat, Inc.
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