Abrams Capital Management Adds Global Eagle Entratainment (ENT) to Its Equity Portfolio; Reveals 6.0% Stake

David Abrams‘ fund Abrams Capital Management disclosed, in a newly amended filing with the SEC, holding 3.0 million shares of Global Eagle Entratainment (NASDAQ:ENT). The stake amasses close to 6.0% of the company’s stock and represent an addition to the fund’s equity portfolio.

Global Eagle Entertainment, formerly known as Global Eagle Acquisition Corp specializes in providing content for the airline industry. The stock of the company has a return of almost 48% since the beginning of the year. Last week, the company announced an underwritten public offering, under the terms of which it intends to sell 11.6 million shares of the company’s common stock for $14.25 apiece, the net proceeds amounting to around $160 million. The over-allotment option, also includes additional 1.74 million shares.

The company intends to use proceeds from the sale of securities for different corporate purposes such as acquisitions, repayment of notes and capital expenditures, Global Eagle said in a statement.

Par Capital Management, managed by Paul Reeder and Edward Shapiro, holds a significant position in Global Eagle Entratainment (NASDAQ:ENT). After reporting holding almost 29 million shares at the end of the third quarter, Par boosted its majority stake to a total of 31.7 million shares, equal to almost 53% of the company’s common stock.

Other shareholders in the company, include George Soros’ Soros Fund Management, and North Run Capital, led by Thomas Ellis and Todd Hammer, which owns less significant positions containing 200,000 shares, and 136,900 shares respectively.

Earlier in November, Abrams also revealed cutting its position in another company, Engility Holdings Inc (NYSE:EGL). The fund reduced its stake to around $1.6 million shares trough selling 208,900 shares.

The largest holding in Abrams equity portfolio, in terms of value, represents a $333 million stake in The Western Union Company (NYSE:WU), which amasses 17.4 million shares.

Disclosure: none

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