KKR purchases minority interest in RigNet
Kohlberg Kravis Roberts & Co. buys minority stake in RigNet; terms not disclosed
HOUSTON (AP) -- Shares of the Rignet hit an all-time after KKR revealed a huge stake in the company, which provides communications technology for energy companies.
KKR is buying about 4.8 million shares of RigNet Inc. from investment firm Cubera. The purchase will give KKR a 27 percent interest in company, the largest owned by any one entity.
RigNet provides communications for remote sites run by energy companies. Those services include fully-managed voice and data networks, video-conferencing, real-time data services and other options.
Shares of Kohlberg Kravis Roberts & Co. L.Padded 3 cents to $19.56 in morning trading, while RigNet's stock rose $1.94, or 6.9 percent, to $30.24. The stock hit an all-time high of $30.57 earlier in the session.
