Benzinga | Sep 1, 2020 10:27AM EDT

Why Gogo's Stock Is Trading Higher Today

Gogo Inc. (NASDAQ:GOGO) shares are trading higher on Tuesday after it was announced Intelsat is acquiring the commercial aviation business of Gogo for $400 million.

Gogo is an in-flight connectivity system and service provider. The company through its subsidiaries offers aero communications, in-flight broadband, and wireless in-cabin digital entertainment solutions for the aviation industry. Its business segments include; Commercial Aviation North America, Commercial Aviation Rest of World, and Business Aviation.

The company offers connectivity and entertainment services to commercial airlines flying routes within North America, satellite-based connectivity and entertainment services to foreign-based commercial airlines and North American-based commercial airlines flying outside North America, and a variety of in-flight Internet connectivity and other voice and data communications products and services.

Gogo's stock traded up 23.93% at $6.37 per share at the time of publication on Tuesday. The stock has a 52-week high of $7.23 and a 52-week low of $1.33.