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ViaSat, Inc. has announced that ViaSat and WildBlue Communications, Inc. have been granted early termination by the Federal Trade Commission and the Antitrust Division of the Department of Justice of the mandatory waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with the ViaSat's proposed acquisition of WildBlue.
ViaSat is a provider of satellite and other digital communication products, while WildBlue is a provider of broadband internet services through satellite. Both the companies are based in the US.
Announcement (October 1, 2009):
ViaSat has signed a definitive agreement to acquire WildBlue in a cash and stock transaction valued at $568 million.
The consideration constitutes a payment of $443 million in cash and $125 million in newly issued ViaSat common stock.
Earlier, WildBlue had secured funding from Kleiner Perkins Caufield & Byers, Intelsat, Ltd., Liberty Media Corporation and National Rural Telecommunications Cooperative.
The transaction is expected to in the fourth quarter of ViaSat's 2010 fiscal year, which ends April 2, 2010.
Credit Suisse Securities (USA) LLC and Latham & Watkins LLP are acting as financial and legal advisor, respectively, to ViaSat. Morgan Stanley and Skadden, Arps, Slate, Meagher & Flom are acting as financial and legal advisor, respectively, to WildBlue.
Deal Value (US$ Million) 568 Deal Type Acquisition Sub-Category Majority Acquisition Deal Status Announced: 2009-10-01
Deal Participants
Target (Company) WildBlue Communications, Inc. Acquirer (Company) ViaSat, Inc. Vendor 1 (Company) Intelsat, Ltd. Vendor 2 (Company) National Rural Telecommunications Cooperative Vendor 3 (Company) Kleiner Perkins Caufield & Byers Vendor 4 (Company) Liberty Media Corporation
Deal Rationale
The acquisition will allow ViaSat to expand its capabilities into the wholesale and retail broadband service arena. Further, WildBlue's satellites accelerate ViaSat's entrance into new Ka-band broadband applications. In addition to accelerating the growth of WildBlue's consumer satellite broadband business, the transaction also promotes organic growth opportunities for other ViaSat commercial and defense businesses.
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