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Global Eagle acquires IFE Services for $36M cash

Global Eagle Entertainment announced that it has acquired Travel Entertainment Group Equity Limited, the UK-based parent company of IFE Services Limited from GCP Capital Partners LLP for approximately $36M in cash. IFE Services is a leading provider of in-flight entertainment services to airlines and cruise lines worldwide. The acquisition expands Global Eagle's leadership in delivering content and software solutions to the international travel industry. For FY13 and on a stand-alone basis, IFE Services is expected to generate approximately $37M-$40M of annual revenue and approximately $7M-$9M of Adjusted EBITDA. In addition, we expect to achieve substantial synergies beginning in 1H14 as a result of the combination of IFE Services with Global Eagle.