CARLSBAD, Calif., December 18, 2024 – Viasat, Inc. (NASDAQ: VSAT), a global leader in satellite communications, has finalized the sale of its Energy Services System Integration (SI) business to Mag Capital Partners, a private investment firm based in the United States. The transaction, which was announced today, marks a strategic move for Viasat as it focuses on core growth areas within its portfolio. While specific financial details of the deal were not disclosed, the acquisition by MAG Capital Partners signals a new chapter for the SI business.
Viasat’s decision to divest the SI business is part of a broader strategy to optimize its financial position and concentrate on areas with greater synergy to its primary objectives. According to Gary Chase, Chief Financial Officer at Viasat, “This transaction aligns with Viasat’s strategy to actively manage our portfolio. While the SI business is robust and operates independently, its strategic alignment with our core growth businesses is minimal.” This strategic divestiture allows Viasat to streamline its operations and sharpen its focus on its key strengths in the satellite communications sector.
MAG Capital Partners expands its portfolio with the acquisition of Viasat’s Energy Services System Integration Business, enhancing its presence in the telecom infrastructure sector.
For MAG Capital Partners, the acquisition represents an expansion into the telecom infrastructure domain, specifically within the energy sector. Viasat’s SI business specializes in providing crucial services for telecom systems in critical infrastructure projects. These services include engineering design, procurement, shop assembly, factory acceptance testing, and ongoing support. MAG Capital Partners’ investment highlights the value and potential they see in this specialized area of telecom system integration.
The transition is expected to be seamless for the SI business’s approximately 80 employees, who will be transferred to a new entity named Nessco under the ownership of MAG Capital Partners. The agreement also encompasses the sale of the SI facility located in Aberdeen, Scotland, indicating MAG Capital Partners’ commitment to maintaining and potentially growing the existing operational footprint. The acquisition by MAG Capital Partners is viewed positively, offering the SI business an opportunity to thrive under an owner whose strategic priorities are closely aligned with large-scale telecoms project work. Viasat expressed confidence that MAG Capital Partners is well-positioned to facilitate the SI business in realizing its full potential and continuing its expansion in the market. Imperial Capital, LLC acted as the exclusive financial advisor to Viasat for this transaction.
About Viasat
Viasat, Inc. is a global communications company dedicated to connecting everyone and everything worldwide. With a presence in 24 countries, Viasat’s mission is focused on shaping global communications for consumers, businesses, governments, and militaries. Viasat is committed to building an ultimate global communications network, delivering high-quality, reliable, secure, affordable, and fast connections across land, air, and sea, while also prioritizing a sustainable future in space. Following its acquisition of Inmarsat in May 2023, Viasat has combined the strengths of both organizations to establish a new global communications powerhouse. For more information, please visit www.viasat.com, the Viasat News Room, and their social media channels.
Forward-Looking Statements
This release includes forward-looking statements, protected under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements concern future expectations and are subject to risks and uncertainties. Factors that could cause actual results to differ materially include but are not limited to: the realization of anticipated benefits from strategic portfolio management; risks related to satellite technology and operations; competitive pressures; business plan implementation; changes in economic conditions; and debt levels. Refer to Viasat’s SEC filings for detailed risk factors, and be aware that forward-looking statements are relevant only as of today’s date, with no obligation to update them.
