RigNet enters non-disclosure and standstill agreement with KKR affiliate

RigNet (RNET) disclosed in a filing that on November 5 the company entered into a non-disclosure and standstill agreement with Digital Investments, which is affiliated with Kohlberg Kravis Roberts (KKR). The standstill agreement provides that through August 26, 2016, neither Digital nor any of its affiliates engaged in the private equity business of KKR shall, without the prior written consent of the company, directly or indirectly, make any statement or proposal to the company’s board of directors with respect to any business combination, merger, tender offer, exchange offer or similar transaction involving the company, any restructuring, recapitalization, liquidation or similar transaction, any acquisition of any of the company’s loans, debt securities, equity securities or assets, or any proposal to seek representation on the Board in excess of one board member.The agreement also prevents Digital and KKR from acquiring by purchase or otherwise, any loans, debt securities, equity securities or assets of the company, or rights or options to acquire interests in any of the company’s loans, debt securities, equity securities or assets, among other provisions. On October 31, RigNet's board unanimously voted to increase the size of its board to ten members and elected Mattia Caprioli as a director. Caprioli is a director of Digital Investments GP, the general partner of Digital.