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KVH sells Videotel for $90m

KVH Industries has announced the sale of its Videotel group of companies to an affiliate of Oakley Capital for a base purchase price of $90 million.

{mprestriction ids="1,2"}The sale was completed immediately upon execution of definitive agreements on a cash-free, debt-free basis, subject to working capital adjustments. KVH plans to use the investment in the areas of photonic integrated chip technology, AgilePlans acceleration, and Internet of Things (IoT) connectivity.

“As part of our long-term strategic roadmap, we are focusing on the large and growing markets of our core mobile connectivity and inertial navigation businesses,” said Martin Kits van Heyningen, chief executive officer of KVH.  “We intend to use the net proceeds of the sale to invest in three key growth initiatives that we expect will drive significant value creation, as well as to reduce our debt.  Specifically, we plan to invest in the development and commercialisation of our photonic integrated chip technology for use in autonomous vehicles and other commercial and military platforms, to support the further acceleration of our AgilePlans (Connectivity as a Service) program, and also to finalize the development and launch of our IoT connectivity solution.  Videotel helped us to penetrate the commercial maritime markets initially, but our strategic approach has evolved to focus on faster growing markets that we believe will produce greater long-term shareholder value.” 

KVH has retained certain rights to continue including the Videotel training content with the AgilePlans program.

Management expects to issue revised financial guidance for the second quarter and full fiscal year of 2019 reflecting the sale of Videotel, along with select pro forma disclosures, on or about May 15, followed by an investor conference call.  In light of the anticipated financial impact of the transaction, investors should no longer rely on the guidance previously issued by KVH, which included anticipated revenues and expenses of the Videotel business.

The Videotel group of companies includes Super Dragon Ltd., Videotel Marine International Ltd., Videotel Training Services Ltd., Videotel Consultants and Rentals Ltd., Videotel Marine Asia Ltd., and Videotel Pte Ltd.{/mprestriction}

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