03:23 PM EST, 12/11/2024 (MT Newswires) -- KVH Industries ( KVHI ) agreed to sell two properties in Middletown, Rhode Island, for a combined $13 million, and the company's board approved a stock buyback of as much as $10 million.

Knight Capital agreed to buy 75 Enterprise Center for $8.5 million, and a unit of Seacorp agreed to purchase 50 Enterprise Center for $4.5 million, KVH said Wednesday in a statement.

The sale of the Rhode Island facilities for $12 million, net of transaction costs, will provide for "working capital and potential strategic opportunities while also allowing us to move to a new facility better suited to our future needs," KVH Chief Executive Officer Brent Bruun said in the statement.

The stock buyback "reflects our confidence in the company's strategy, strong balance sheet and ability to leverage the strategic opportunities that lie ahead," Bruun said.

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