KVH Industries, Inc., announced today that its longtime satellite
capacity partner SKY Perfect JSAT Corporation (SJC) has agreed to
invest $4.5 million in KVH as part of the two companies' ongoing
commitment to deliver next-generation maritime broadband
services. KVH and SJC intend to collaborate on value-added
services in the area of shipping digitalization and improved
broadband access at sea.
SJC agreed to purchase $4.5 million of KVH common stock in a
private placement at a purchase price of $11.95 per share, which
represents a 10 percent premium over the average closing price of
the KVH common stock over the 30 trading days before pricing. The
transaction is subject to customary closing conditions and is
expected to close later this week.
"For years, the collaboration of KVH and SJC has developed the
Asian shipping market with excellent satellite communications
services, and we look forward to continuing our relationship,"
said Shinji Takada, SJC's representative director, president, and
chief executive officer. "Our investment is based on our
conviction that KVH's superior technology, equipment and services
are crucial at this time of digitalization in the maritime
"We are thrilled to be continuing our relationship with SJC,
which has been extremely significant as we have grown our
mini-VSAT Broadband network into the #1 market-share leader in
maritime VSAT," said Martin Kits van Heyningen, KVH's chief
executive officer. "Working together, we can leverage our
technologies and strengths in order to provide the faster,
reliable global connectivity and the value-added services that
the maritime industry needs."