Gogo Repurchases 1.5 Mln Shares From BlackRock

(RTTNews) - Gogo Inc. (GOGO), a provider of broadband connectivity services for the business aviation market, said that it has agreed to repurchase 1.50 million shares of Common Stock owned by affiliates of BlackRock Inc., in a private transaction, for an aggregate purchase price of $18.35 million or $12.23 per share.

The closing of the Repurchase will take place on or before September 21, 2022. The Repurchase is expected to be funded with cash on hand.

Gogo also announced that BlackRock inadvertently acquired beneficial ownership of more than 4.9% of Gogo's common stock, exceeding the threshold stipulated in Gogo's Agreement, dated September 23, 2020.

Gogo Thursday requested that BlackRock divest sufficient shares of Common Stock to take its beneficial ownership below 4.9%. Following completion of such requested share divestiture, BlackRock shall be deemed not to be an "Acquiring Person" under the Plan.

Based on information provided by BlackRock, Gogo estimates that after the closing of the Repurchase, BlackRock would need to divest another approximately 100,000 shares of Common Stock in order to divest enough shares of Common Stock so as to not be deemed an "Acquiring Person" under the Plan.