Wed, Dec 02, 2020
'Financially Stronger Gogo' Well Positioned to Drive Growth In BizAv
Gogo has completed the sale of its Commercial Aviation (CA) business to a subsidiary of Intelsat S.A. for $400 million in cash.
Gogo will continue as a publicly traded company, now singularly focused on leveraging its ATG network and proprietary spectrum to serve the business aviation market. The proceeds from the transaction significantly strengthen Gogo's financial position by reducing its net debt position and enhancing the company's ability to invest in growth opportunities, including Gogo 5G.
"The completion of the sale of our CA business to Intelsat marks the beginning of a new chapter for Gogo; we are a leader in business aviation and now turn our singular focus toward serving that attractive market," said Oakleigh Thorne, President and CEO of Gogo. "Our business aviation division has proven resilient in the face of the COVID-19 pandemic, as the number of business aircraft online today has nearly returned to January levels.
"Looking forward, we see great opportunity to create value for our customers, employees and shareholders," Thorne said. "And on behalf of all of us at Gogo, I want to extend my sincere thanks to the talented CA team that joins Intelsat today. The opportunities that await them are a testament to their unwavering dedication and commitment to Gogo and their aviation partners."
Immediately following closing, and after Gogo's $53 million semi-annual interest payments in November, Gogo had approximately $460 million in cash-on-hand and net debt of approximately $770 million.
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