RigNet to Enter Mexican Energy Market Through Tecnor Acquisition
[Via Satellite 11-05-2015] RigNet has signed a definitive agreement to acquire Orgtec S.A.P.I. de C.V., d.b.a. Tecnor, a Monterrey, Mexico-based telecommunications solutions provider for remote sites on land, sea and air. Both companies have approved the transaction, which is expected to close in early 2016, subject to customary closing conditions and regulatory approvals.
“The opening up of Mexico’s energy market to foreign investment and expertise has been the primary catalyst for this transaction, as it strengthens RigNet’s local presence and know-how to serve the oil and gas market while also positioning RigNet in other end vertical markets within Mexico,” said Mark Slaughter, CEO and president of RigNet. “Longer term, this acquisition will augment RigNet’s existing presence in Latin America, allowing for more rapid expansion across the region.”
Founded in 2002, Tecnor provides a wide array of equipment, voice and data services, satellite coverage, and bandwidth options in Mexico. The company’s customers include industrial, commercial and private users ranging from military to oil and gas to commercial fishing and leisure boats.
“Tecnor is a premier provider of remote communications and [Supervisory Control And Data Acquisition] SCADA solutions in Mexico, with established relationships with key oil and gas and governmental customers,” said Santiago Zubiria, Tecnor CEO and president. “The combined businesses should accelerate revenue growth and offer a wider array of solutions in Mexico initially and further into Latin America over time.”