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SKY Perfect JSAT makes $4.5m KVH investment

Martin Kits van Heyningen, KVH Martin Kits van Heyningen, KVH

SKY Perfect JSAT Corporation (SJC) has agreed to invest $4.5 million in its maritime broadband partner KVH, as part of a broader commitment to collaborate on value-added services in the area of shipping digitalisation and improved internet access at sea.

{mprestriction ids="1,2"}SJC, Asia’s largest satellite operator, already provides KVH mini-VSAT services in Japan under the name OceanBB plus.

“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 digitalisation in the maritime industry.”

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 per cent 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.

KVH’s current market capitalisation stands at approximately $180 million at the time of writing.

“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 number one 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.”

KVH first began leasing satellite capacity from SKY Perfect JSAT in 2009 to expand its Asia-Pacific and Indian Ocean VSAT coverage.{/mprestriction}

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