Shares of in-flight broadband connectivity provider Gogo Inc. (GOGO) are rising more than 12% Tuesday morning at $11.47, close to its 52-week high of $11.97.
Gogo today announced the completion of the sale of its commercial aviation business to commercial satellite operator Intelsat for $400 million cash.
"Gogo will continue as a publicly traded company, now singularly focused on leveraging its ATG network and proprietary spectrum to serve the business aviation market," the company said.
According to the company, the proceeds from the transaction helps to strengthen Gogo's financial position by reducing its net debt position and enhancing the company's ability to invest in growth opportunities, including Gogo 5G.
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