Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Global Eagle Entertainment Acquires IFE Services For $36 Mln In Cash

RELATED NEWS
Trade ENT now with 

Global Eagle Entertainment Inc. (ENT: Quote) announced Monday that it has acquired Travel Entertainment Group Equity Limited, the UK-based parent company of IFE Services Limited from GCP Capital Partners LLP for about $36 million in cash.

IFE Services is a provider of in-flight entertainment services to airlines and cruise lines worldwide.

For the full year 2013 and on a stand-alone basis, IFE Services is expected to generate approximately $37 million to $40 million of annual revenue and about $7 million to $9 million of Adjusted EBITDA.

In addition, the company expects to achieve substantial synergies beginning in first half of 2014 as a result of the combination of IFE Services with Global Eagle.

In connection with the consummation of the IFE transaction, Global Eagle agreed to sell to one of its existing institutional stockholders, 2.43 million shares of Global Eagle's common stock for an aggregate purchase price of $21.00 million, in a registered direct offering by means of a prospectus supplement to Global Eagle's effective shelf registration statement which Global Eagle will file with the Securities and Exchange Commission or "SEC".

In addition, Global Eagle will issue to PAR Investment Partners, L.P., an existing Global Eagle stockholder, a $19.00 million promissory note which is convertible into shares of Global Eagle's non-voting common stock.

Register
To receive FREE breaking news email alerts for Equant NV and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
President Barack Obama is scheduled to travel to the headquarters of the Centers for Disease Control and Prevention in Atlanta, Georgia, on Tuesday to outline steps the U.S. will take to help combat the Ebola outbreak in West Africa. After recovering from an initial move to the downside, stocks have moved mostly higher over the course of the trading day on Tuesday. The major average have all turned positive, with the Nasdaq and the S&P 500 bouncing off their worst levels in almost a month. Senate Republicans once again voted Monday to block a Democratic bill aimed at narrowing the national gender wage gap. The Senate voted 52 to 40 in favor of limiting debate on the Paycheck Fairness Act, falling well short of the 60 votes required.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.