Viasat has closed a $175 million common stock investment from affiliates of Intercorp and The Baupost Group to expand partnership and grow offerings, the satellite communications company announced Friday.
"Intercorp's investment advances our strategic partnership throughout Central and South America, and the investment by Baupost expands our relationship with our largest shareholder," said Mark Dankberg, chairman of the board and CEO at Viasat.
Under the terms of the investment, the investors purchased an aggregate of approximately 4.5 million shares of common stock at a price of $39.11 per share, representing a premium of 2.6 percent, to Viasat's closing share price on July 22, 2020.
Additionally the investment will add a 5.1 percent premium to Viasat's volume weighted average price over the 15 trading day period ending. With the funds, Viasat will grow general corporate purposes, such as financing costs related to the purchase, launch and operation of satellites, potential acquisitions, joint ventures and strategic alliances and capital.
"We are hard at work on contributing to the solution: sustaining progress on our next-generation ViaSat-3 global constellation and expanding our geographic and market presence," added Dankberg.
Viasat is a global communications company that believes everyone and everything in the world can be connected. For more than 30 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.