Carlsbad company unloads its Link 16 MIDS tactical radio business to L3Harris Technologies for $1.96 billion, significantly reducing its current debt load.
Carlsbad’s Viasat is selling its long-time military tactical radio business to L3Harris Technologies for $1.96 billion — clearing debt from its balance sheet ahead of the launch of its first terabit-class Internet satellite and its pending acquisition of space industry rival Inmarsat.
Viasat’s investors liked the news. The company’s shares surged 27 percent on Monday to close at $38.37 on the Nasdaq exchange. Viasat is fighting back by building three terabit-class geostationary satellites that will give it global coverage, massive capacity, flexibility to direct bandwidth where it’s most needed and lower costs per bit.
Regulators are still reviewing the Inmarsat deal. It comes with a hefty price tag —$850 million in cash, $3.1 billion in stock and the assumption of $3.4 billion in Inmarsat debt.
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Viasat to sell military communications unit to L3Harris for nearly $2BViasat's Link 16 Tactical Data Links product line consists of 450 employees and generates approximately $400M in annual sales. The deal is expected to close in the first half of 2023.
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Viasat selling military communications unit to L3Harris for nearly $2BCarlsbad company unloads its Link 16 MIDS tactical radio business to L3Harris Technologies for $1.96 billion, significantly reducing its current debt load.
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