Gogo Selling Commercial Aviation Division to Intelsat
One of the pioneers in providing in-flight internet service is logging off.
Gogo (NASDAQ: GOGO) is selling its commercial aviation unit to satellite operator Intelsat for $400 million in cash. The business to be sold is Gogo's best-known unit, but Gogo will remain a public company focused on providing data and services to business jets.
"Following a competitive strategic review process, we're confident this transaction unlocks the full value of the [commercial aviation] business for shareholders," Gogo CEO Oakleigh Thorne said in a statement. "Combining [the commercial aviation business], the leading inflight connectivity [IFC] provider, with Intelsat, the world's largest global satellite operator, will create the leading vertically integrated IFC business in the world, with the additional resources and scale to support continued growth and innovation as demand for commercial air travel recovers."
Source Fool.com
