Sky Perfect JSAT Acquires $4.5 Million in KVH Stock
KVH Industries announced that its satellite capacity partner SKY Perfect JSAT 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 Sky Perfect JSAT intend to collaborate on value-added services in the area of shipping digitalization and improved broadband access at sea.
According to KVH, its mini-VSAT Broadband service holds the most maritime Very Small Aperture Terminal (VSAT) market share worldwide; Sky Perfect JSAT, Asia’s largest satellite operator, provides maritime broadband service in Japan under the name OceanBB Plus.
Sky Perfect JSAT 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.
KVH first began leasing satellite capacity from Sky Perfect JSAT in 2009 to expand the mini-VSAT Broadband network’s Asia-Pacific and Indian Ocean coverage; today, KVH’s maritime network covers 105 million square miles.
The company recently introduced the TracPhone V7-HTS, a 60-cm satellite antenna system designed to provide download speeds of up to 10 Mbps and upload speeds of 3 Mbps, enabling vessels to benefit from marine applications designed to improve operational efficiency.