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Sat, Dec 07, 2024

Gogo Acquisition Of Satcom Direct Completed

Creates Only Multi-Orbit Multi-Band, In-flight Connectivity Provider

Gogo announced the completion of its acquisition of Satcom Direct (SD) as well as the transition of its leadership team.

Gogo is now the only provider of multi-orbit, multi-band, in-flight connectivity service for the needs of all segments of business aviation and military/government mobility markets.

Gogo paid $375 million in cash and issued five million shares of Gogo stock to SD ownership at the closing, and could pay up to an additional $225 million pending the attainment of performance thresholds over the next four years. The transaction including all fees, was funded with $250 million of debt and $150 million of cash from Gogo’s balance sheet.

GTCR, a private equity firm and principal shareholders of Gogo, strongly supported the deal and expressed their confidence in the long-term potential by not selling any shares in the transaction.

In conjunction with the completion of the transaction, Chris Moore, President of SD, has been appointed Gogo’s CEO and will lead the combined company. He brings years of satellite and telecom experience and success to his new position. He takes over for Oakleigh Thorne, who will move to Executive Chair of the Gogo Board of Directors.

Chris Moore said, “Uniting the complementary strengths of Gogo and SD marks an exciting new chapter for us as one company. Together, we are uniquely positioned to deliver unparalleled in-flight connectivity solutions across the underpenetrated global BA and military/government mobility markets. I am excited to expand Gogo’s reach and continue its legacy of exceptional service and cutting-edge technology."

Oakleigh Thorne said,  “Combining with SD cements our position as the only in-flight connectivity provider able to satisfy the performance and cost needs of every segment of the global BA market.”

FMI:  www.gogoair.com/

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