Boingo Wireless to be acquired by Digital Colony Management for $854m
Boingo Wireless, a California-based internet company, has agreed to be acquired by an affiliate of Digital Colony Management, a digital infrastructure investment firm, for about $854 million.
The deal will enable the transition of the distributed antenna system and Wi-Fi provider from a publicly listed company to a privately held company.
Mike Finley – CEO of Boingo Wireless said: “We are pleased to have reached this agreement with Digital Colony, which will deliver significant and immediate value to Boingo’s stockholders and concludes a robust strategic review process undertaken by Boingo over the past year.
“We believe Digital Colony’s expertise owning and operating digital infrastructure businesses, combined with its relationships, resources and access to long-term, private capital markets, will provide greater flexibility for Boingo to continue advancing its business strategy.”
Boingo Wireless to be acquired by Digital Colony Management for $854m. Image courtesy of Tejas Porecha from Pixabay.
Digital Colony Management will acquire each of the shares of Boingo Wireless for $14 per share in cash via a merger. The consideration includes the assumption of Boingo Wireless’ net debt of $199 million.
Warren Roll – Managing Director of Digital Colony Management said: “Boingo is a leader in indoor wireless infrastructure, operating networks that serve a large and growing addressable market. We look forward to working with the experienced Boingo team as they continue to develop and deploy reliable networks serving their diverse set of high-quality customers.”
The deal is subject to Boingo Wireless’ shareholder approval, receipt of regulatory approvals, and other customary closing conditions. Following which, the transaction is anticipated to be wrapped up in Q2 2021.