Gogo Completes Satcom Direct Acquisition, Appoints new Executive Leadership Team

MT Newswires Live2024-12-04

Gogo (GOGO) said Wednesday that it has completed its acquisition of Satcom Direct for $375 million in cash and five million shares of Gogo stock.

The deal, which is funded by $250 million in debt and $150 million in cash from Gogo's balance sheet, may include an additional $225 million based on performance milestones over the next four years.

The transaction is immediately accretive and expected to result in annual recurring cost savings of $18 million, with total run-rate cost synergies ranging from $25 million to $30 million over two years.

Additionally, Gogo said Chris Moore, previously president of Satcom Direct, has been appointed as Gogo's new chief executive officer, succeeding Oakleigh Thorne who is transitioning to executive chair of the company's board.

Gogo said it has also appointed Zachary Cotner, former chief financial officer of Satcom Direct, to the same role to succeed Jessi Betjemann. Mike Begler, Gogo's senior vice president of production operations, has been promoted to chief operating officer.

Gogo said it continues to expect full year revenue of $400 million to $410 million.

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