VSAT - Viasat jumps after announcing deal with Microsoft to boost global internet connectivity

Viasat ( NASDAQ: VSAT ) shares jumped nearly 6% in premarket trading on Wednesday after the satellite network operator announced a deal with Microsoft ( NASDAQ: MSFT ) to boost internet connectivity on Africa and across the planet.

The deal, which stems from the Microsoft Airband Initiative, will see Viasat ( VSAT ) help bring connectivity to 5M people across Africa and an additional 5M people across the world by the end of 2025.

The work from the Airband initiative will target people in the Democratic Republic of the Congo, Nigeria, Guatemala, Mexico, and the U.S. It will also prioritize expanding the program to Egypt, Senegal and Angola.

"Working with Viasat, we will use satellite to reach remote areas that previously have had few, if any, options for conventional connectivity," Teresa Hutson, Microsoft's vice president of Technology and Corporate Responsibility, said in a statement. "Together, we will be able to rapidly scale and expand Airband's reach, exploring a wider pipeline of projects and new countries where we haven't yet worked."

The partnership between the two companies adds to an existing relationship as Viasat ( VSAT ) has used Microsoft's ( MSFT ) Azure Space platform to further boost satellite connectivity.

Late last month, Viasat ( VSAT ) said its ViaSat-3 satellite was on track toward its flight configuration after finishing its Final Integrated Satellite Test .

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