The transaction valued Boingo at approximately US$854 million, including the assumption of $199 million of Boingo’s net debt obligations.
Mike Finley (pictured), CEO of Boingo Wireless, said: “The completion of this transaction marks an exciting new chapter for Boingo to advance our business strategy forward with greater flexibility and resources.”
Marc Ganzi, president and CEO of Colony Capital and CEO of Digital Colony, said: “With the adoption of 5G, Wi-Fi 6 and CBRS, demand for converged indoor networks will continue to dramatically increase over the next decade. As a leading indoor digital infrastructure provider serving the connectivity needs of essential properties, Boingo is ideally positioned to build on its market leadership and capitalise on this growth opportunity.”
The companies said Boingo, founded 20 years ago, has “strong industry-wide relationships, based on an established track record of building and operating high-quality, reliable indoor wireless networks in partnership with venues across the US”, and that it has “deep expertise managing complex indoor wireless deployments”.
Finley said: “Digital Colony brings significant operational expertise through its ownership of various digital infrastructure businesses, and together, we are committed to addressing the critical need for wireless connectivity. We believe the best is yet to come as this need continues to drive demand for our neutral host, converged networks.”
Ganzi added: “This investment represents a unique platform that will only further be enhanced by Digital Colony’s strong operational capabilities, industry relationships, and access to capital. We look forward to working with Mike and the entire Boingo team as they continue to advance its business strategy in developing and deploying reliable networks and serving their diverse set of high-quality customers.”
