ViaSat, Inmarsat Agree to Space Sector Plan With UK
21 Março 2022 - 11:13AM
Dow Jones News
By Anthony O. Goriainoff
ViaSat Inc. and Inmarsat said Monday that they have agreed to a
package of legally-binding economic undertakings with the U.K.'s
Department for Business, Energy and Industrial Strategy as part of
the merger announced in November.
The U.S. and U.K. satellite communication groups said they
reached an agreement on a plan to increase highly-skilled jobs, as
well as research-and-development investment, in the U.K.'s space
sector.
Among other items, the companies said the deed they provided to
the government included plans to increase R&D spending in the
country by 30% and to create a U.K. R&D center of
excellence.
The companies also said they would expand the number of highly
skilled jobs in areas including the design and development of
satellites, ground stations and other advanced technologies.
U.S.-based ViaSat said it would also continue with its plan to
invest 300 million pounds ($395.3 million) in the U.K. over a
10-to-15-year period, and that this entailed a minimum of GBP75
million within five years after the closing of the transaction.
ViaSat said in November that it had agreed to acquire U.K.
satellite telecommunications company Inmarsat in a cash and stock
deal worth $7.3 billion, and this included the company assuming
$3.4 billion of net debt in the transaction.
"I am confident that together we can build upon the U.K.'s space
agenda and help propel the country to the forefront of the global
space race," ViaSat Chief Executive Rick Baldridge said.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
March 21, 2022 09:58 ET (13:58 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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