Cubera sells significant stake in upstream energy technology company RigNet, Inc. to KKR in deal valued at over $139 million.
On August 20, it was announced that Willkie client Cubera, an investment firm specializing in the Nordic private equity market, agreed to sell a significant minority stake in RigNet, Inc. to funds advised or controlled by global private equity firm Kohlberg Kravis Roberts & Co. L.P. (KKR). Upon closing of the acquisition of 4.75 million shares, in a deal valued at over $139 million, KKR will become RigNet's largest shareholder, with a 27% stake in the company. RigNet is a leading provider of managed remote communications solutions, systems integration and collaborative applications to the global upstream energy sector. Offering services to over 1,100 remote sites in over thirty countries across six continents, RigNet serves offshore and onshore drilling rigs, production facilities and energy maritime. The deal was handled by partners Gregory Astrachan, Michael Schwartz and Henry Cohn and special counsel Jonathan Konoff.