Avanti surges after winning contract with Viasat
Satellite company Avanti Communications has signed a $10m contract with Nasdaq-listed peer Viasat.
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Avanti will provide Viasat with leased capacity on a steerable beam of its newly launched Avanti HYLAS 4 satellite.
The contract has an initial period of two years.
Kyle Whitehill, Avanti's chief executive, said, "Avanti's contract with Viasat reflects the winning qualities of our HYLAS 4 satellite. This is a confirmation that our new carrier strategy helps operators to increase addressable markets and drive customer satisfaction without additional satellite and launch capex spend."
Ken Peterman, president of Viasat's government systems unit, added, "Partnering with Avanti will give us access to steerable Ka-band satellite coverage and capacity to further enhance connectivity services for global government applications on Viasat's Best Available Network."
As of 0910 BST, Avanti shares had rocketed 20% to 5.88p.