Gogo Inc. Up On Rumor Verizon Mulling Bid

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Gogo Inc.
GOGO
shares were sharply higher Thursday afternoon on a rumor that it could be bought out by Verizon Communications Inc.
VZ
. Gogo, with $1.43 billion in market capitalization, offers broadband service on more than 2,000 commercial aircraft and has estimated the market opportunity for commercial aircraft is $402 million. On Wednesday, an industry news Web site called Runway Girl Network said "Wall Street is now buzzing" that the far-larger Verizon might acquire Gogo or form a joint venture or partnership. http://www.runwaygirlnetwork.com/2014/08/20/could-verizon-and-att-compete-again-on-inflight-connectivity/ AT&T Inc.
T
in April announced the launch of launch a high-speed wireless in-flight service for airlines passengers that will compete with Gogo. AT&T's move is "doubtlessly giving food for thought" to Verizon and other major telecommunications companies. Runway Girl said. Gogo traded recently at $17.71 a share, up 5.5 percent.
Posted In: NewsRumorsM&AHotIntraday Update
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