Lobal Eagle Entertainment Closes Post Modern Group Acquisition - Quick Facts

(RTTNews) - Global Eagle Entertainment Inc. (ENT) said it has completed the prior announced acquisition of Post Modern Group, LLC or "PMG" for up to about $24 million in a combination of cash and stock.

The acquisition expands and strengthens Global Eagle's relationships with airlines worldwide and provides entry into the cruise line industry and other non-theatrical markets. An accretive transaction, PMG is anticipated to generate more than $35 million in revenues and in excess of $4.5 million in full year 2013 adjusted EBITDA. Global Eagle expects to benefit from substantial synergies that would further impact the contribution from the transaction in 2014.

According to Dave Davis, CFO of Global Eagle Entertainment: "The addition of PMG will strengthen our technology and breadth of services, expand our customer base and provide us with entry into new markets."