KKR Announces Purchase of 27% Stake in RigNet, No Terms Disclosed
Kohlberg Kravis Roberts & Co. L.P., (NYSE: KKR) a leading global investment firm, today announced the signing of a definitive agreement under which funds advised or controlled by KKR are acquiring a significant minority stake in RigNet, Inc. (NASDAQ: RNET) from Cubera, an investment firm specializing in the Nordic private equity market.
Upon closing of the acquisition of 4.75 million shares, which is subject to customary approvals, KKR will become RigNet's largest shareholder, holding a 27% stake in the company.
RigNet is a leading provider of managed remote communications solutions, systems integration and collaborative applications to the global upstream energy sector. Operating across the life of the field, RigNet serves offshore and onshore drilling rigs, production facilities and energy maritime with solutions ranging from fully-managed voice and data networks to more advanced applications that include video conferencing and real-time data services. It provides services to over 1,100 remote sites in over thirty countries across six continents.
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