Tuesday, March 2, 2021

Boingo Wireless Acquired By Digital Colony In $854M Deal

Los Angeles-based Boingo Wireless is being acquired by Digital Colony Management, the Wi-Fi and distributed antenna systems provider said on Monday, in a deal worth $854M. According to Boingo Wireless, its shareholders will receive $14.00 per share in the transaction, which will take the company private. The company currently trades on the NASDAQ as WIFI. Boingo said the deal is the result of a "strategic review process" the company undertook over the past year. Boingo said the price represents a 23 percent premium to its closing price on February 26th. Boingo was advised by TAP Advisors and Gunderson Dettmer in the deal; Digital Colony was advised by Credit Suisse and Truist Securities, with legal advice from Simpson Thacher. Boingo Wireless operates a network of Wi-Fi hotspots and also direct antenna systems (DAS) which extend cellular networks.