[Satnews] RigNet, Inc. (NASDAQ:RNET) has signed a definitive agreement under which it will acquire Orgtec S.A.P.I. de C.V., d.b.a. TECNOR—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, RigNet’s CEO and President. “Longer term, this acquisition will augment RigNet’s existing presence in Latin America, allowing for more rapid expansion across the region.”
“TECNOR is a premier provider of remote communications and SCADA solutions in Mexico, with established relationships with key oil and gas and governmental customers,” said Santiago Zubiria, TECNOR’s 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.”