Digital Colony is planning to acquire all of the outstanding shares of Boingo Wireless, Inc., a distributed antenna system and wifi provider, in an $854 million merger agreement.
The deal values Boingo at $14.00 per share in cash and includes the assumption of $199 million of Boingo’s net debt obligations. The acquisition price represents a 23 percent premium to Boingo’s closing price of $11.40 on Feb. 26.
Upon completion of the transaction, Boingo will transition from a public company to a privately held company.
“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 Mike Finley, CEO of Boingo Wireless. “We believe Digital Colony’s expertise owning and operating digital infrastructure businesses, combined with its relationships, resources and access to long-term, pri