Company: VSAT
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0000950170-25-016993
Chunk: 35

Company: VIASAT INC
Filing Date: 2025-02-10
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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IAL STATEMENTS (Continued)(UNAUDITED) 

Note 4 — AcquisitionIn May 2023, the Company completed the acquisition of all outstanding shares of Inmarsat Holdings, a privately held leading provider of global mobile satellite communications services. The Inmarsat Acquisition positions the Company as a leading global communications innovator with enhanced scale and scope to connect the world affordably, securely and reliably. The complementary assets and resources of the combined company position the Company to provide advanced new services in mobile and fixed segments, driving greater customer choice in broadband communications and narrowband services (including the Internet of Things (IoT)). These benefits and additional opportunities were among the factors that contributed to a purchase price resulting in the recognition of goodwill of $1.5 billion which was recognized in the Company's communication services segment. The goodwill recognized was not deductible for U.S. and foreign income tax purposes.The consideration transferred of approximately $2.7 billion was comprised of $2.1 billion of the fair value of approximately 46.36 million shares of the Company’s common stock issued at the closing of the transaction and $550.7 million in cash consideration. In connection with the Inmarsat Acquisition, the Company recorded acquisition-related transaction costs of zero during both the three and nine months ended December 31, 2024, and an insignificant amount and $30.8 million for the three and nine months ended December 31, 2023, respectively, included in selling, general and administrative expenses.The purchase price allocation of the acquired assets and assumed liabilities in the Inmarsat Acquisition based on the estimated fair values as of May 30, 2023, adjusted since the closing of the Inmarsat Acquisition, primarily between property, equipment and satellites, identifiable intangible assets, deferred tax liabilities and goodwill, is as follows: 

        (In thousands)

        Current assets
         
        $
        641,893

        Property, equipment and satellites

        4,363,049

        Identifiable intangible assets

        2,570,000

        Other assets

        388,745

        Total assets acquired
         
        $
        7,963,687

        Current liabilities

        (598,296
        )

        Long-term debt, excluding short-term portion

        (3,519,774
        )

        Other long-term liabilities

        (2,629,406
        )

        Total liabilities assumed
         
        $
        (6,747,476