In-flight broadband company Aircell has raised US$176m via a private placement to new and existing investors.
Proceeds from the financing are to be used to support its increased capex requirements as it expands its global network.
Ron LeMay, Aircell…
In-flight broadband company Aircell has raised US$176m via a private placement to new and existing investors.
Proceeds from the financing are to be used to support its increased capex requirements as it expands its global network.
Ron LeMay, Aircell president and CEO, said: “We are proud to have the support of our existing investors and to be able to add new investors in the midst of the challenging global financing market.
“This substantial capital raise is a strong endorsement of our business achievements to date. Aircell is well-positioned to continue its ongoing aircraft deployment and rapid acceleration in customer adoption of Gogo throughout 2010 and beyond.”
Gogo is Aircell’s in-flight internet portal and currently provides services on more than 700 commercial aircraft, with commitments from a total of nine airlines.
Aircell predominantly focuses on air-to-ground (ATG) in-flight broadband utilising a network of terrestrial cellular towers. However, this is limited to domestic flights and the company has increasingly looked at the possibility of using satellite capacity to offer international services. When AeroMobile entered administration, Aircell had been linked as a potential bidder.
