INTEQ - Gogo +8.2% after wrapping sale of Commercial Aviation business to Intelsat

Gogo (GOGO) is up 8.2% premarket after the company completed the sale of its Commercial Aviation business to Intelsat (INTEQ), for $400M in cash. Gogo now continues as a public company focused on Business Aviation. "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," says CEO Oakleigh Thorne. "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." The cash proceeds bolster the company's balance sheet by cutting net debt and allowing for more investment in growth opportunities, including 5G. Just after closing, and following its $53M semiannual interest payments this month, Gogo had about $460M in cash on hand, and net debt

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Gogo +8.2% after wrapping sale of Commercial Aviation business to Intelsat