Posted on: 21 October 2013 by Mark Howells
Global Eagle Entertainment Inc. (Global Eagle) has announced the purchase of Travel Entertainment Group Equity Limited, the UK-based parent company of IFE Services Limited (IFE Services) from GCP Capital Partners LLP.
The deal is claimed to be in the region of $36 million. IFE Services is a specialist provider of in-flight entertainment services to airlines and cruise lines worldwide, with a strong customer presence in developing markets such as Africa, Asia and South America.
“The addition of IFE Services will significantly enhance our presence in multiple fast-growing, emerging markets where our combined service offerings are in demand,” commented John LaValle, Chief Executive Officer of Global Eagle. “We look forward to working together with IFE’s CEO Andy McEwan and the talented team at IFE Services in bringing our innovative solutions to the worldwide travel industry.”
“This is another transaction that we expect to be highly complementary to our existing business,” said Dave Davis, Chief Financial Officer of Global Eagle. “In addition to adding IFE Service’s strong cash flows, we believe we can unlock substantial efficiencies from our combined operations to the benefit of our shareholders.”