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ViaSat Mulls Sale Of Part Of Government Services Unit, Could Fetch Up To $1.8B: Bloomberg

·1 min read
  • ViaSat, Inc (NASDAQ: VSAT) weighed a sale of part of its government services unit, Bloomberg reports.

  • The geostationary satellite company explored selling the part of the division providing encryption technology, which could fetch up to $1.8 billion.

  • The business, likely to attract interest from other defense companies and private equity firms, generated $120 million in annual EBITDA.

  • The unit provided products helping clients, including the government, encrypt communications.

  • The update coincided with ViaSat seeking to complete its purchase of peer Inmarsat Group Holdings Ltd, creating a company with a fleet of 19 satellites and more to come to counter the rise of Tesla, Inc (NASDAQ: TSLA) chief Elon Musk's Starlink and OneWeb.

  • The European Space Agency (ESA) chose ViaSat to conduct a multi-layered Satellite Communication (SATCOM) study.

  • Recently, ViaSat announced the delivery of the second ViaSat-3 payload module to Boeing's El Segundo, CA facility. The second ViaSat-3 class satellite will likely provide broadband service over Europe, the Middle East, and Africa (EMEA) in 2023.

  • Price Action: VSAT shares closed higher by 2.25% at $28.68 on Tuesday.

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