Wednesday, January 20, 2010

Aircell Secures $176 Million of Equity Financing

Aircell announced the completion of the private placement of equity securities totaling $176 million to new and existing investors. Proceeds of the financing will be utilized to provide funding for capital investments for network expansion and operating needs during this rapid growth phase of the business.

The company said it has steadily increased the daily number of airplanes deployed with Gogo. It currently is providing service on more than 700 commercial aircraft, with commitments from a total of nine airlines.