<SEC-DOCUMENT>0001193125-22-079756.txt : 20220715
<SEC-HEADER>0001193125-22-079756.hdr.sgml : 20220715
<ACCEPTANCE-DATETIME>20220318213429
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-22-079756
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20220318

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VIASAT INC
		CENTRAL INDEX KEY:			0000797721
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663]
		IRS NUMBER:				330174996
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		6155 EL CAMINO REAL
		CITY:			CARLSBAD
		STATE:			CA
		ZIP:			92009
		BUSINESS PHONE:		760-476-2200

	MAIL ADDRESS:	
		STREET 1:		6155 EL CAMINO REAL
		CITY:			CARLSBAD
		STATE:			CA
		ZIP:			92009
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">12670 High Bluff Drive</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3">San Diego, California 92130</TD></TR>
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<TD VALIGN="top" COLSPAN="3">Tel:&nbsp;+1.858.523.5400&nbsp;Fax:&nbsp;+1.858.523.5450</TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">www.lw.com</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3">FIRM / AFFILIATE OFFICES</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Austin</TD>
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<TD VALIGN="top">Moscow</TD></TR>
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<TD VALIGN="top">Beijing</TD>
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<TD VALIGN="top">Munich</TD></TR>
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<TD VALIGN="top">Boston</TD>
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<TD VALIGN="top">New York</TD></TR>
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<TD VALIGN="top">Brussels</TD>
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<TD VALIGN="top">Orange County</TD></TR>
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<TD VALIGN="top">Century City</TD>
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<TD VALIGN="top">Paris</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chicago</TD>
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<TD VALIGN="top">Riyadh</TD></TR>
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<TD VALIGN="top">Dubai</TD>
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<TD VALIGN="top">San Diego</TD></TR>
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<TD VALIGN="top">D&uuml;sseldorf</TD>
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<TD VALIGN="top">San Francisco</TD></TR>
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<TD VALIGN="top">Frankfurt</TD>
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<TD VALIGN="top">Seoul</TD></TR>
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<TD VALIGN="top">Hamburg</TD>
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<TD VALIGN="top">Shanghai</TD></TR>
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<TD VALIGN="top">Hong Kong</TD>
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<TD VALIGN="top">Silicon Valley</TD></TR>
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<TD VALIGN="top">Houston</TD>
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<TD VALIGN="top">Singapore</TD></TR>
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<TD VALIGN="top">London</TD>
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<TD VALIGN="top">Tel Aviv</TD></TR>
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<TD VALIGN="top">Los&nbsp;Angeles</TD>
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<TD VALIGN="top">Tokyo</TD></TR>
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<TD VALIGN="top">Madrid</TD>
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<TD VALIGN="top">Washington,&nbsp;D.C.</TD></TR>
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<TD VALIGN="top">Milan</TD>
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</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;18, 2022 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA
EDGAR </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Manufacturing </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left">Attn:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Beverly Singleton, Staff Accountant </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">Jean Yu, Staff Accountant </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">Bradley Ecker, Staff Attorney </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">Asia Timmons-Pierce, Special Counsel </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Viasat, Inc. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><B>Preliminary Proxy Statement on Schedule 14A </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><B>Filed February&nbsp;9, 2022 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;000-21767</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are in receipt of the
Staff&#146;s letter dated March&nbsp;9, 2022 with respect to the above-referenced Preliminary Proxy Statement on Schedule 14A (the &#147;<B><I>Preliminary Proxy Statement</I></B>&#148;). We are responding to the Staff&#146;s comments on behalf of
Viasat, Inc. (&#147;<B><I>Viasat</I></B>&#148; or the &#147;<B><I>Company</I></B>&#148;) as set forth below. Simultaneously with the submission of this letter, the Company is publicly filing via EDGAR an Amendment No.&nbsp;1 to the Preliminary Proxy
Statement (the &#147;<B><I>Amended Preliminary Proxy Statement</I></B>&#148;) responding to the Staff&#146;s comments and updating the Preliminary Proxy Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s responses set forth in this letter are numbered to correspond to the numbered comments in the Staff&#146;s letter. All
terms used but not defined herein have the meanings assigned to such terms in the Amended Preliminary Proxy Statement. For ease of reference, we have set forth the Staff&#146;s comments and the Company&#146;s response for each item below. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Proxy Statement Summary </U></I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>The Companies, page
12 </U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note within your Notice of Special Meeting of Stockholders that you define Connect Topco Limited as
Inmarsat. However, Note 1 to the financial statements of Connect Topco Limited also defines Inmarsat plc as Inmarsat. Please clearly and consistently define the usage of Inmarsat within the proxy statement, including the Proxy Statement Summary
Sheet and MD&amp;A. Further, we note page 89 of MD&amp;A discloses on December&nbsp;4, 2019, Inmarsat, through its wholly owned subsidiary, Connect Bidco Limited, acquired the entire issued ordinary share capital of Inmarsat, plc, and that Inmarsat
was incorporated on March&nbsp;15, 2019. Your discussion should clearly describe the acquiring entity and acquired entity regarding Inmarsat, their formation dates, relationships, subsequent name changes and how they are referred to in the proxy
statement, including Connect Topco Limited, Connect Bidco Limited, Inmarsat, Inmarsat plc and Inmarsat Group Holdings Limited. </I></P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>March 18, 2022 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B> Page
 2
 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Viasat&#146;s Response: The Company acknowledges the Staff&#146;s comment and has revised the
Amended Preliminary Proxy Statement so that Connect Topco Limited is defined throughout as &#147;Inmarsat Holdings,&#148; Connect Bidco Limited is defined throughout as &#147;Inmarsat Intermediary Holdings,&#148; and Inmarsat Group Holdings Limited
(formerly known as Inmarsat plc) is defined throughout as &#147;Inmarsat&#148; (which is consistent with how this entity is defined in the financial statements of Connect Topco Limited). To assist the reader, the Company has also added a new defined
term &#147;Inmarsat Group&#148; to refer to the Inmarsat group generally, with &#147;Inmarsat Group&#148; defined to mean Connect Topco Limited and its subsidiaries from and after the date it acquired Inmarsat plc in 2019, and Inmarsat plc and its
subsidiaries prior to the acquisition. The Company has further revised the Amended Preliminary Proxy Statement to specify on pages 1 and 93 the relationships between the three entities, the formation dates of each of the three entities, as well as
the date on which Inmarsat plc changed its name to Inmarsat Group Holdings Limited. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>The Transaction will involve substantial costs, page 25
</U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please provide an estimate of the expected restructuring and integration costs. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Viasat&#146;s Response: The Company acknowledges the Staff&#146;s comment and has revised pages 25 and 26 of the Amended Preliminary Proxy
Statement accordingly. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Background of the Transaction, page 46 </U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please revise your disclosure in this section to include negotiations relating to material terms of the
transaction, including, but not limited to, structure, consideration, proposals and counter-proposals, synergy estimates and termination fee. In your revised disclosure, please explain the reasons for the terms, each party&#146;s position on the
issues, and how you reached agreement on the final terms. </I></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Viasat&#146;s Response: The Company acknowledges the
Staff&#146;s comment and has revised pages 48 to 58 of the Amended Preliminary Proxy Statement accordingly. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>4.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your disclosure regarding the August&nbsp;4, 2020 call with Barclays to discuss Barclays&#146;
initial estimates of the synergies of a business combination transaction between Viasat and Inmarsat. Please quantify the estimate of the synergies discussions on that call. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Viasat&#146;s Response: The Company acknowledges the Staff&#146;s comment and has revised page 48 of the Amended Preliminary Proxy Statement
accordingly. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>5.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note the equity split counter proposal discussed at the October&nbsp;29, 2020 meeting and your
disclosures that the parties had a gap in their positions regarding ownership of the combined company. Please disclose the initial equity split proposed by Inmarsat. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Viasat&#146;s Response: The Company acknowledges the Staff&#146;s comment and has revised page&nbsp;49 of the Amended Preliminary Proxy
Statement accordingly. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>March 18, 2022 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Our Board of Directors&#146; Reasons for the Approval of the Transaction and the Stock Issuance, page
57 </U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>6.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please quantify the factors highlighted in this section where applicable. For example, please quantify the
expected integration and transaction costs. </I></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Viasat&#146;s Response: The Company acknowledges the Staff&#146;s
comment and has revised pages 62 and 63 of the Amended Preliminary Proxy Statement accordingly with respect to the factors that the Company considered were reasonably capable of quantification. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Certain Financial Forecasts, page 72 </U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>7.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your disclosure that the financial projections reflect estimates and assumptions. Please revise to
describe such estimates, matters and assumptions with greater specificity and quantify where practicable. Please disclose any other information to facilitate investor understanding of the basis for and limitations of these projections. Clearly
describe the basis for projecting this growth and the factors or contingencies that would affect such growth ultimately materializing. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Viasat&#146;s Response: The Company acknowledges the Staff&#146;s comment and has revised pages 75 to 78 of the Amended Preliminary Proxy
Statement accordingly. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>8.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your statement on page 73 that you do not assume any responsibility for the accuracy of the
projections or synergies estimates. While it may be appropriate to include qualifying language, it is not appropriate to disclaim responsibility for disclosure in your proxy statement. Please revise or advise. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Viasat&#146;s Response: The Company acknowledges the Staff&#146;s comment and has revised page 76 of the Amended Preliminary Proxy Statement
accordingly. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Inmarsat Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations, page 89 </U></I></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>9.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please disclose the interest rate of the senior secured bonds. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Viasat&#146;s Response: The Company acknowledges the Staff&#146;s comment and has revised page&nbsp;107 of the Amended Preliminary Proxy
Statement accordingly. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>10.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Refer to the table presentation of results of operations on page 90. As the line items Direct costs and
Indirect Costs are <FONT STYLE="white-space:nowrap">non-IFRS</FONT> measures, they should be removed from the selected historical results of operations under IFRS along with related discussions to be separately presented in the section of <FONT
STYLE="white-space:nowrap">non-IFRS</FONT> measures such as on page 104. In this regard, please revise the table on page 90 to include the IFRS operating costs as shown in the historical statements of operations along with relevant discussion of
operating costs under IFRS. We refer you Question 102.10 of the Staff&#146;s C&amp;DIs on <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures, issued April&nbsp;4, 2018, where <FONT STYLE="white-space:nowrap">non-IFRS</FONT> measures
should be not be given more prominent disclosure than comparable IFRS measures. Please revise accordingly. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Viasat&#146;s Response: The Company acknowledges the Staff&#146;s comment and has revised pages 94 to 103 and page 111 of the Amended
Preliminary Proxy Statement accordingly. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>March 18, 2022 </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Results of Operations, page 89 </U></I></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>11.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Reference is made to your presentation and discussion of the pro forma
<FONT STYLE="white-space:nowrap">12-month</FONT> successor period for the year ended December&nbsp;31, 2019. Your pro forma comparative discussion should supplement rather than replace your discussion of your historical results of operations for the
periods presented. Please be advised that pro forma discussions based upon Article 11 of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> should not be presented with greater prominence than the discussion of historical financial statements
required by Item 303 of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> In this regard, please revise your pro forma discussion to follow the discussion of your historical results. For example, your results for fiscal 2020 should be
discussed against changes to relevant historical successor and predecessor periods for fiscal year 2019 followed by your pro forma discussion which may include a discussion of your historical fiscal 2020 results as compared to your pro forma results
of fiscal 2019. Please revise accordingly. </I></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Viasat&#146;s Response: The Company acknowledges the Staff&#146;s
comment and has revised pages 97 to 104 of the Amended Preliminary Proxy Statement accordingly. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Unaudited Pro Forma Combined Financial Information
</U></I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Note 2. Consideration Transferred and Preliminary Estimated Purchase Price Allocation, page 115 </U></I></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>12.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Refer to the purchase price allocation on page 116. Please revise the allocation to conform to the
illustration presented in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-41,</FONT></FONT></FONT> whereby goodwill results in the excess of the assets acquired over the liabilities
assumed. Your current presentation includes goodwill within the allocation of assets acquired. In addition, as Viasat has three reportable segments, please disclose the amount of goodwill to be allocated to each segment. See ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-30-50-1(e).</FONT></FONT></FONT> </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Viasat&#146;s Response: The Company acknowledges the Staff&#146;s comment and has revised pages 122 and 123 of the Amended Preliminary Proxy
Statement accordingly. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Note 4. Transaction accounting adjustments </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Pro forma Statements of Operations Transaction Accounting Adjustments, page 118 </U></I></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>13.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Refer to adjustment 4(j) explanation. Please expand the third sentence to also describe that these costs are
nonrecurring. Refer to Rule <FONT STYLE="white-space:nowrap">11-02(a)(11)(i)</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT> </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Viasat&#146;s Response: The Company acknowledges the Staff&#146;s comment and has revised page 125 of the Amended Preliminary Proxy Statement
accordingly. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Connect Topco Limited&#151;Audited Financial Statements </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Note 5. Segmental Information, page <FONT STYLE="white-space:nowrap">F-41</FONT> </U></I></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>14.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note the Group has identified its global mobile satellite communications services to customers as the
only operating segment, and that the chief operating decision makers (&#147;CODM&#148;), your board of directors, reviews the Group&#146;s financial reporting and approves those proposals for the allocation of the Group&#146;s resources. Given that
the Group&#146;s revenue has been categorized into four business units for which revenue has been disclosed for each, please tell us how you concluded that you have one operating segment, and also tell us whether you have aggregated these business
units into one reportable business segment. Please describe for us the information regularly provided to the CODM and how frequently it is prepared and the level of information used for budgets and <FONT STYLE="white-space:nowrap">budget-to</FONT>
actual comparisons. Further, tell us the titles and roles of individuals who report to the CODM, how often the CODM meets with their direct reports, the financial information the CODM reviews to prepare for these meetings, and the financial
information discussed. Your response should address IFRS No.&nbsp;8, paragraphs 5 through 13, and 22. </I></P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>March 18, 2022 </B></P>
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 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Response: The Company acknowledges the Staff&#146;s comment and respectfully advises the
Staff that Inmarsat Group management has determined that it has one operating segment as prescribed by IFRS No.&nbsp;8 and described in further detail below. Based on this determination, the aggregation criteria set out in IFRS No.&nbsp;8,
paragraphs 12, 13 and 22 are not required to be applied to the Inmarsat Group financial statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IFRS No.&nbsp;8, paragraph 5 states
that an operating segment is a component of an entity (A)&nbsp;that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same
entity), (B) whose operating results are regularly reviewed by the entity&#146;s chief operating decision maker (&#147;<B><I>CODM</I></B>&#148;) to make decisions about resources to be allocated to the segment and assess its performance, and
(C)&nbsp;for which discrete financial information is available. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Engagement in Business Activities From Which It May Earn Revenues and Incur Expenses</U>
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Inmarsat Group is organized into four business units: Maritime, Government, Aviation and Enterprise. These four
business units are supported by a group referred to as Central Services, which includes satellite operations, commercial and product development, technology, corporate functions (including finance, legal, treasury, marketing and human resources) and
shared backbone infrastructure. The four business units are primarily responsible for managing Inmarsat Group&#146;s relationships with customers and distribution partners and generating revenue in their respective areas of business. Though revenue
is primarily generated at the business unit level, only some specific business unit costs are managed and reported at the business unit level; however, these are limited in scope, with the majority of costs, and therefore profitability, being
managed at the Inmarsat Group level. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Review of Operating Results by the CODM to Make Decisions and Assess Performance Regarding Operating
Segment</U> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Executive officers of Inmarsat Group report to Inmarsat Group&#146;s Chief Executive Officer (the
&#147;<B><I>Inmarsat CEO</I></B>&#148;), Mr.&nbsp;Rajeev Suri, who in turn reports directly to the board of directors of Inmarsat Holdings (the &#147;<B><I>Inmarsat Board</I></B>&#148;). The Inmarsat Board is comprised of representatives from each
of the Investor Sellers. The Inmarsat Board is responsible for resource allocations and assessing the performance of the Inmarsat Group business and is therefore the CODM of Inmarsat Group pursuant to IFRS No.&nbsp;8, paragraph 7. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Inmarsat CEO is the only direct report of the CODM. However, Inmarsat Group&#146;s Chief Financial Officer, Mr.&nbsp;Tony Bates, is a
regular <FONT STYLE="white-space:nowrap">non-voting</FONT> attendee at the meetings of the CODM, which are held every other month. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Annual, monthly and current financial reports and projections, including budget to actual comparisons, are provided to the Inmarsat Board, in
its role as the CODM, for review, discussion and decision-making. Such financial results and projections are shown for the Inmarsat Group as a whole. Fully costed and allocated profitability is not prepared or available on a business unit level and
are therefore not used for reporting, planning or decision-making in the Inmarsat Group&#146;s business. Information presented at Inmarsat Board meetings, which is used by the CODM to assess financial performance, includes metrics such as direct
costs, indirect costs, Adjusted EBITDA, profit after tax, cash, capital expenditures, free cash flow and headcount, all reported based on the Inmarsat Group as a whole. Revenue is presented for both the Inmarsat Group as a whole and for the four
individual business units. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>March 18, 2022 </B></P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">C.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Availability of Discrete Financial Information</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As discussed above, though revenue information is available for each business unit, expenses are not tracked discretely by business unit.
There are some specific business unit costs and plans that are managed and reported at the business unit level; however, these are limited in scope. The majority of costs, and therefore profitability, is reported and managed at the Inmarsat Group
level. The CODM does not review fully costed business unit profitability to make resource allocation decisions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In light of the above,
Inmarsat Group management has concluded that the Inmarsat Group business units do not meet the criteria of operating segments and the Inmarsat Group has one operating segment to present in accordance with IFRS No.&nbsp;8. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>15.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Also we note disclosure in MD&amp;A, pages 89 and 90, that direct costs and indirect costs are alternative
performance measures used by the directors and management to understand the underlying financial performance of the Inmarsat Group, and that analyzing costs as direct and indirect costs is how management internally reviews performance and makes
subsequent business decisions. Please tell us and disclose the performance measure used by the CODM to assess financial performance of the Group&#146;s business units, or if applicable, the results in the aggregate. Your response should address IFRS
No.&nbsp;8, paragraphs 23, and 25 through 27. </I></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Response: The Company acknowledges the Staff&#146;s comment and has
revised pages 94 to 103 and page 111 of the Amended Preliminary Proxy Statement to remove the discussion of direct costs and indirect costs from Inmarsat Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations. As
discussed in response 14 above, Inmarsat Group has one operating segment and information presented at each Inmarsat Board meeting, which is used by the CODM to assess financial performance, includes Inmarsat Group revenue, direct costs, indirect
costs, Adjusted EBITDA, profit after tax, cash, capital expenditures, free cash flow and headcount, as well as revenue by business unit. The CODM utilizes direct costs and indirect costs in understanding the Inmarsat Group&#146;s financial
performance; however, the analysis of fully costed direct and indirect costs is only considered at a consolidated Inmarsat Group level and not by business unit. Some specific business unit costs are managed and reported at the business unit level;
however, these are limited in scope, with the majority of costs, and therefore profitability, being managed at the Inmarsat Group level. Accordingly, the aggregation criteria and disclosures included in IFRS No 8, paragraph 23 and IFRS No.&nbsp;8,
paragraphs 25 through 27 are not required to be applied. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>General </U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>16.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that you plan to issue shares of your common stock in connection with the transaction if it is
approved. Please advise us of the exemption from the Securities Act that you are relying upon and provide an analysis supporting the use of such exemption. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Viasat&#146;s Response: The Company respectfully advises the Staff that it is relying upon the exemption from registration provided by
Section&nbsp;4(a)(2) of the Securities Act of 1933, as amended (the &#147;<B><I>Securities Act</I></B>&#148;), and/or Regulation D promulgated thereunder with respect to its proposed issuance of shares of Viasat common stock in connection with the
Transaction. Currently, all of the outstanding shares of Inmarsat Holdings are held by five shareholders. In addition, certain members of management (who are also party to the Purchase Agreement) hold shares or options of a subsidiary of Inmarsat
Holdings (&#147;<B><I>Inmarsat Subco</I></B>&#148;), and a nominee (currently Inmarsat Holdings) holds shares of Inmarsat Subco on behalf of certain </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>March 18, 2022 </B></P>
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other employees, in each case that will be exchanged for shares of Inmarsat Holdings prior to the closing of the Transaction. Based upon due diligence conducted in connection with the Transaction
and in reliance upon the warranties provided by the Sellers in the Purchase Agreement, the Company determined that each Seller qualifies as an &#147;accredited investor&#148; as defined in Rule 501 of Regulation D under the Securities Act and has
sufficient knowledge and experience in financial and business matters that it, he or she, as applicable, is capable of evaluating the merits and risks of the prospective investment in the Viasat common stock. In addition, no offers for shares of
Viasat common stock in connection with the Transaction were made by means of a general solicitation. Accordingly, based in part on the manner of the Transaction and the nature and limited number of recipients participating in the Transaction, the
Company determined that the proposed issuance of shares of Viasat common stock to the Sellers under the Purchase Agreement does not involve a &#147;public offering&#148; within the meaning of, and will be exempt from registration under,
Section&nbsp;4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">********* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any comments or questions regarding the foregoing should be directed to the undersigned at
<FONT STYLE="white-space:nowrap">(858)&nbsp;523-5407.</FONT> Thank you in advance for your cooperation in connection with this matter. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Craig M. Garner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Craig M. Garner</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">of LATHAM&nbsp;&amp; WATKINS
LLP</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="97%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">cc:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Richard Baldridge,<I>&nbsp;Viasat, Inc.</I></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Robert Blair, <I>Viasat, Inc.</I></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Shawn Duffy,<I> Viasat, Inc.</I></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ann Buckingham,<I>&nbsp;Latham</I><I></I><I>&nbsp;&amp; Watkins LLP</I></TD></TR>
</TABLE>
</DIV></Center>

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