Gogo Inc. (GOGO) has successfully finalized its acquisition of Satcom Direct. As part of the transaction, Gogo disbursed $375 million in cash and issued five million shares of its stock to the owners of Satcom Direct. Additionally, there is a potential for Gogo to pay up to $225 million more, contingent upon hitting certain performance milestones over the next four years. Notably, Gogo's main stakeholders, GTCR and Thorndale Farm, retained all their shares throughout this process.
Following the acquisition, Chris Moore, previously the President of Satcom Direct, has taken over as Chief Executive Officer of the merged entity. He replaces Thorne, who will now serve as the Executive Chair of Gogo's Board of Directors. Furthermore, Zachary Cotner, formerly the Chief Financial Officer of Satcom Direct, steps into the role of Chief Financial Officer for the combined organization, succeeding Jessi Betjemann. In addition, Mike Begler, who was the Senior Vice President of Gogo Production Operations, now holds the position of Executive Vice President, Chief Operating Officer.
Gogo has also reiterated the financial guidance for 2024 that it initially provided on November 5, 2024, for its standalone operations.
