Avanti Communications Signs $10 Mln Contract With Viasat; Stock Climbs

(RTTNews) - Shares of Avanti Communications Group plc (AVN.L) gained around 20 percent in the morning trading in London after the company announced Monday that it has signed a $10 million contract with US-based communications company Viasat Inc. (VSAT).

The deal provides Viasat with leased capacity on a steerable beam on the newly launched Avanti HYLAS 4 satellite. The contract has an initial period of two years.

Ken Peterman, president, Government Systems at Viasat said, "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. We expect easy integration of the HYLAS 4 satellite capacity into our global network-enabling us to quickly bring capacity to where our customer demand exists."

In London, Avanti shares were trading at 5.88 pence, up 19.9 percent.