(RTTNews) - Gogo Inc. (GOGO) announced the completion of its acquisition of Satcom Direct. Gogo paid $375 million in cash and issued five million shares of Gogo stock to SD ownership at close and could pay up to an additional $225 million tied to realizing performance thresholds over the next four years. Gogo's principal shareholders, GTCR and Thorndale Farm, did not sell any shares in the transaction.
In connection with the completion, Chris Moore, President of SD, has been appointed Gogo's Chief Executive Officer and will lead the combined company. He succeeds Thorne, who transitions to Executive Chair of the Gogo Board of Directors. Zachary Cotner, Chief Financial Officer of SD, has been appointed Chief Financial Officer of the combined company, succeeding Jessi Betjemann. Mike Begler, who previously served as Senior Vice President of Gogo Production Operations, has been appointed Executive Vice President, Chief Operating Officer.
Gogo reiterated its standalone 2024 financial guidance previously provided on November 5, 2024.
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