BlackRock Inc. acquired 6,123,992 shares of Gogo Inc. during the second quarter.
The investment is valued at approximately $18.98 million according to a recent SEC filing.
BlackRock now holds a 4.53% ownership stake in the in-flight connectivity provider.
Other hedge funds and institutional investors have also increased their positions in the company.
Institutional investors currently own approximately 69.60% of Gogo's total stock.