M&A · Tech · Communications Services, NEC
Viasat Inc to acquire RigNet, Inc.
Announced Dec 21, 2020 · Closed Apr 30, 2021
Deal value$222MEV $222M
Premium17.9%To unaffected price
EV / Adj. EBITDA—1.0x EV / Revenue
ConsiderationAll stock
Transaction
- Acquirer
- Viasat Inc (VSAT)
- Target
- RigNet, Inc. (RNET)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $222M
- Status
- Closed Apr 30, 2021
Deal protections
- Break fee (target pays)
- $5.5M · 2.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- LionTree
- To the target
- Lazard, Stifel
Sector context · Tech
- Comparable deals
- 9 in the prior 24 months
- Premium
- 17.9% vs. 25.4% sector median
- EV / Adj. EBITDA
- Sector median 24.4x
- Break fee
- 2.5% vs. 2.9% sector median
Timeline
- AnnouncedDec 21, 2020
- Proxy filedMar 18, 2021
- Definitive proxyMar 18, 2021
- Shareholder voteApr 21, 2021
- ClosedApr 30, 2021
Valuation · fairness opinions
Trading comparables$5.76$24.18
Precedent transactions$0.90$8.51
Precedent transactions$6.76$8.01
Discounted cash flow$15.07$20.03
Discounted cash flow$13.91$16.28
Implied value per RigNet, Inc. share by analysis, from Stifel · DCF discount rate 7%–9%.