Viasat Inc. said on Oct. 3 that a major investor, the Baupost Group LLC, will get a presence on the board as a non-voting observer.
The Baupost Group is a Boston hedge fund and activist investor run by Seth Klarman. It owns 23 percent of Viasat. As of Oct. 4, its stake was worth $861 million.
“As a decade-long investor in Viasat, we remain excited about the company’s growth potential in both its defense and commercial businesses,” said Greg Ciongoli, partner at the Baupost Group, in a statement distributed by Viasat. “We appreciate this opportunity to contribute to boardroom discussions.”
“Baupost has a successful long-term philosophy of value investing,” said Mark Dankberg, chairman and CEO of Viasat. “Inviting Baupost to participate as a board observer provides us with an opportunity to capitalize on their strategic insight, as well as their valuable financial and investment expertise.”
Viasat (Nasdaq: VSAT) is based in Carlsbad, and offers products and services for satellite communications. It had revenue of $1.6 billion in its most recent fiscal year.