Paul Reeder and Edward Shapiro
, Par Capital
: Paul Reeder and Edward Shapiro's Par Capital Management
just reported that it now owns nearly 53% of Global Eagle Entertainment (NASDAQ:ENT
). Shapiro is Global Eagle's Board Chairman, and Par's new 31.7 million-share stake in the company exceeds the 28.9 million shares it reported owning last quarter
. The small-cap company's stock price is essentially flat in 2013, but Par's move should not be overlooked.
The move by Par Capital comes amid Global Eagle's announcement of its latest purchase of Travel Entertainment Group Equity Limited. The value of the deal between Global Eagle and GCP Capital Partners amounts to around $36 million. Travel Entertainment Group, headquartered in the UK, is the parent company of IFE Services Limited, which is engaged in in-flight entertainment services for airlines and cruise lines. Through the acquisition, Global Eagle will be able to reach a larger market share of software and entertainment in the international travel field. Earlier this year, Global Eagle bought Post Modern Group, a company specialized in delivering digital content.
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