RigNet Inc. (NASDAQ: RNET), a global provider of managed remote communications solutions, telecoms systems integration services, and collaborative applications to the oil and gas industry, has signed a definitive agreement under which it will acquire Orgtec SAPI de CV (TECNOR). Both companies have approved the transaction, which is expected to close in early 2016.
“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.”
Founded in 2002, TECNOR provides remote communications and SCADA solutions in Mexico. The company provides telecommunications solutions for remote sites on land, sea, and air, including a wide array of equipment, voice, and data services, satellite coverage, and bandwidth options.