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Gogo dives as lockup ends; P-E firm distributes shares and leaves board

  • With its post-IPO lockup having expired, Gogo (GOGO -9.5%) announces P-E firm Ripplewood Holdings is distributing all 27.6M shares it owns (good for a 32.8% stake) to its limited partners. (PR)
  • In tandem with the move, all three Ripplewood directors on Gogo's board are resigning. Gogo says it will "promptly consider" whether to find replacements.
  • Investor Oakleigh Thorne, Gogo's other major P-E backer, intends to hold onto a 29% stake in the in-flight Wi-Fi services provider.
  • Shares shot higher yesterday in advance of the lockup expiration. Altogether, 56.8M shares (67% of outstanding shares) have become eligible for sale.
Comments (1)
  • Jchwvu
    , contributor
    Comments (3) | Send Message
    Buying opportunity.
    18 Dec 2013, 05:31 PM Reply Like
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