Boingo Wireless Agrees To Be Taken Private By Digital Colony In $854 Mln Deal

(RTTNews) - Boingo Wireless Inc. (WIFI) said that it agreed to be acquired by an affiliate of Digital Colony Management LLC. Upon completion of the transaction, Boingo will transition from a public company to a privately held company.

As per the terms of the deal, Digital Colony will acquire all the outstanding shares of Boingo common stock for $14.00 per share in cash through a merger, in a transaction valued at about $854 million, including the assumption of $199 million of Boingo's net debt obligations.

The acquisition price represents a 23% premium to Boingo's closing price of $11.40 on February 26, 2021.

The transaction is expected to close in the second quarter of 2021.