Gogo’s Commercial Aviation Sale On Pace for Q1 Closing, Says CEO
Intelsat’s $400 million buy of Gogo's commercial aviation connectivity business (see 2009010001) remains on track for closing by the end of Q1, said Gogo CEO Oakleigh Thorne on a Q3 investor call Monday. The transaction cleared the Hart-Scott-Rodino process and…
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awaits approval from the FCC and Committee on Foreign Investment in the U.S., plus one foreign telecom regulatory OK, he said. Q3 revenue in Gogo’s commercial aviation business, accounted for as discontinued operations, declined 61% from the 2019 quarter, but was up 34% from Q2. Pfizer’s announcement Monday that its COVID-19 vaccine was found to be more than 90% effective in Phase 3 trials “bodes very well for a rebound of the commercial aviation industry next year,” said Thorne.