Digital Colony Management affiliate inked a merger agreement to acquire distributed antenna system (DAS) and Wi-Fi provider Boingo Wireless Inc (NASDAQ: WIFI) for $854 million. Boingo will become a privately held company upon closure.
- The purchase price of $14 per share signifies a 23% premium to Boingo’s Friday closing price of $11.40.
- “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,” said Boingo CEO Mike Finley.
- The transaction is subject to shareholder approval.
- TAP Advisors is the financial advisor to Boingo’s board, with Gunderson Dettmer as legal counsel.
- Price action: WIFI stock was up 23.6% at $14.09 on the last check Monday.
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