Viasat Concludes Sale of Energy Services Integration Business to MAG Capital Partners

Viasat Completes Sale of Energy Services Integration Business

In a significant move aimed at refining its portfolio, Viasat, Inc. (NASDAQ: VSAT), a recognized leader in satellite communication, has finalized the sale of its Energy Services Systems Integration (SI) business. The transaction, executed with MAG Capital Partners, a prominent private investment firm based in the United States, marks a strategic shift for Viasat as it looks to concentrate on its core operations.

Gary Chase, the Chief Financial Officer of Viasat, expressed enthusiasm about this transition, highlighting the company’s ongoing commitment to improving its financial position and creating value for its stakeholders. ‘We are focused on taking strategic actions and continuously looking at ways to enhance our financial position and unlock value,’ said Chase. He noted that, while the SI business operates strongly as a standalone entity, it lacks strategic alignment with Viasat’s principal growth initiatives.

The SI business was previously part of Viasat's broader acquisition of RigNet in 2021. It specializes in a variety of essential services including engineering design, procurement services, shop assembly, factory acceptance testing, and ongoing support for telecommunications systems implemented on critical infrastructure projects. This sale now sees approximately 80 employees from the SI division transitioning to the newly formed entity, Nessco, ensuring continuity and support for their clients.

The deal also encompasses the acquisition of Viasat’s SI facility located in Aberdeen, Scotland. It is particularly noteworthy that no job locations are anticipated to close due to this transition, reflecting a commitment to maintaining operations and supporting staff under the new ownership.

Chase emphasized that finding a new owner for the SI business was crucial for its future success, as MAG Capital Partners is expected to facilitate growth in large-scale telecommunications projects. The partnership is viewed positively, with Viasat acknowledging the significant contributions made by its SI colleagues over the years, wishing them success in their new chapter.

Viasat's Broader Vision

Viasat's mission remains rooted in the belief that connectivity is fundamental for everyone and everything globally. With operations spanning across 24 countries, the company strives to create an interconnected world that benefits consumers, businesses, governments, and militaries alike. The ultimate goal lies in developing a comprehensive global communications network that provides reliable, secure, and cost-effective connections spanning from terrestrial to airborne and maritime environments.

In May 2023, Viasat further expanded its capabilities by completing the acquisition of Inmarsat, a move intended to amalgamate their respective teams, technologies, and resources into a robust global communications entity. This strategic amalgamation is set to enhance Viasat's reach and operational effectiveness in delivering high-quality connectivity solutions.

The company continues to grow while simultaneously managing its portfolio to align with its long-term strategic goals. This recent divestiture highlights Viasat’s proactive approach in streamlining operations while enabling greater focus on core business areas that drive sustainable growth.

For ongoing updates, stakeholders can follow Viasat through various platforms such as Facebook, Instagram, LinkedIn, X, and YouTube, or by visiting their official website for detailed insights about their mission and business strategies.