Press Release
February 6, 2023

KVH Industries Enters into Cooperation Agreement with Black Diamond Capital Management

The Technology M&A and Activism and Takeover Defense teams advised KVH Industries, Inc. (Nasdaq: KVHI) and its Board of Directors in connection with its definitive cooperation agreement with Black Diamond Capital Management, L.L.C. and certain of its affiliates. Pursuant to the cooperation agreement, KVH has committed to nominate and support Black Diamond’s Managing Principal as an independent director at KVH’s 2023 Annual Meeting of Stockholders and granted Black Diamond a waiver under KVH’s stockholder rights plan allowing Black Diamond to acquire up to 25% of KVH’s outstanding common stock (inclusive of the amount Black Diamond already owns), and Black Diamond has agreed to a voting commitment and customary standstill and related provisions. 

KVH Industries, Inc., is a global leader in mobile connectivity, content, and value-added services with innovative technology designed to enable a mobile world. KVH develops, manufactures, and provides maritime communication hardware and services worldwide. Founded in 1982, the company has more than a dozen offices around the globe with research, development, and manufacturing operations based in Middletown, RI. 

The Goodwin team was led by Joshua Zachariah, Andrew Goodman, James Ding, Katherine Hand, Cynthia Li and Stephanie Barbanell

For additional details, please read the press release.