Press release BoxID: 553677 (Advanced Inflight Alliance AG)
  • Advanced Inflight Alliance AG
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  • 80799 München
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Advanced Inflight Alliance AG: new major shareholder

Business combination with Row 44 and Global Eagle

(PresseBox) (Munich, ) .
- Global Eagle Acquisition Corp. to become new major shareholder
- Global Eagle Acquisition Corp. to combine businesses of Advanced Inflight Alliance AG and Row 44 Inc.

PAR Investment Partners L.P., Boston, USA ("PAR"), the current major shareholder of Advanced Inflight Alliance AG (ISIN DE0001262186, WKN 126218, Schellingstr. 35, 80799 Munich), has informed Advanced Inflight Alliance AG that it has entered into a conditional agreement with Global Eagle Acquisition Corp., Los Angeles, USA, ("Global Eagle") regarding the sale of all of its 20,464,581 shares in Advanced Inflight Alliance AG to Global Eagle. By closing of this transaction, Global Eagle would become the Company's new major shareholder holding approximately 86 percent of Advanced Inflight Alliance AG's shares.

Global Eagle is a US based publicly traded (Nasdaq) special purpose acquisition company (SPAC), which focuses on the acquisition of one or more media or entertainment businesses with high growth potential in the United States or internationally. Global Eagle will purchase PAR's shares for a calculated purchase price of EUR 5.50 per share, payable in shares of nonvoting common stock of Global Eagle. By way of its shareholding in Global Eagle, PAR will indirectly maintain its economic interest in Advanced Inflight Alliance AG without being able to exert controlling influence.

The sale of the shares is closely connected with a proposed merger between Global Eagle and Row44 Inc., Westlake Village, USA ("Row 44"). Advanced Inflight Alliance AG acquired a minority stake of approximately 12.5 percent in Row 44 in June 2012. As a shareholder of Row 44, Advanced Inflight Alliance AG will receive shares of Global Eagle common stock in the course of this transaction. The exact number of such shares will be determined prior to closing.

Both transactions are conditional upon the approval of Global Eagle's shareholders' meeting, among other customary closing conditions. The Global Eagle shareholders' meeting is expected to be held within the next few months.