Boingo jumps 14% on $854M deal to be acquired by Digital Colony

• Boingo Wireless (NASDAQ:WIFI) is up 14% premarket alongside its quarterly earnings and news that it will be acquired by Digital Colony in a go-private deal.
• The $854M deal means Boingo shareholders will receive $14/share in cash, nearly a 23% premium to Friday's closing.
• The transaction includes the assumption of $199M of Boingo's net debt.
• “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," says Boinco CEO Mike Finley.
• The deal's expected to close in the second quarter.
• It's canceled its earnings call scheduled for after the close today.

Comments

[ATLguy]

Price seems a bit low; this was over $15 not long ago. Possibility of a counter offer? long