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Boingo Wireless, Inc. (NASDAQ: WIFI) has completed its acquisition by Digital Colony, valuing the Company at approximately $854 million, including assumed net debt of $199 million. Following stockholder approval on June 1, 2021, Boingo stockholders will receive $14.00 per share in cash, leading to Boingo becoming a privately-held entity. Digital Colony aims to leverage Boingo's strong industry relationships and expertise to capitalize on growth prospects in the indoor digital infrastructure sector, catering to evolving connectivity demands driven by 5G and Wi-Fi 6 technologies.
Boingo Wireless (NASDAQ: WIFI) reported Q1 2021 results with revenue of $59.9 million, unchanged from Q1 2020. The adjusted EBITDA rose 13.9% year-over-year to $21.3 million, driven by growth in Military and Emerging Technologies, which offset declines in Legacy retail. The net loss increased to $(6.4) million or $(0.14) per share. Cash and equivalents fell to $36.3 million by March 31, 2021. Key developments included a contract with Rockefeller Center for a Wi-Fi 6 network and joining the Qualcomm Smart Cities Accelerator Program. The merger with Digital Colony remains on track.
Boingo Wireless (NASDAQ: WIFI) has been selected to design, install, and manage a Wi-Fi 6 network at Rockefeller Center, enhancing wireless connectivity across the 22-acre property in New York City.
This advanced technology will support thousands of connected devices, improve business operations, and provide high-speed access for visitors. Boingo's solution ensures low latency, energy efficiency, and enhanced security, addressing the demands of both tenants and guests.
Boingo Wireless (NASDAQ: WIFI) will report its financial results for Q1 2021 on May 10, 2021, at approximately 4:05 p.m. Eastern Time. The company will not hold an earnings conference call due to its pending acquisition by an affiliate of Digital Colony Management. Boingo is a leading provider of DAS and Wi-Fi networks, connecting over a billion people annually across various venues, including airports and military bases. The acquisition indicates significant market interest in Boingo's services and future potential.
Boingo Wireless (NASDAQ: WIFI) has joined the Qualcomm Smart Cities Accelerator Program, focusing on transforming smart cities through enhanced wireless connectivity. This partnership aims to leverage new technologies like 5G, Private Networks over CBRS, and Wi-Fi 6 to improve city infrastructure. Boingo's converged network solutions will address rising demand for mobile data and IoT devices, providing faster, secure connections while promoting innovations in public services.
Boingo Wireless (NASDAQ: WIFI) has partnered with Foulger-Pratt to implement managed Wi-Fi services at three luxury multifamily properties in Washington, D.C. These services provide residents of Beckert’s Park, ONE501, and Press House with fast and secure connectivity, designed for the 5G era. The network supports a contact-free move-in process, enabling digital tenant verification and electronic lease signing. Boingo currently serves over 300,000 residents in more than 2,200 communities, emphasizing its role as a leading connectivity provider.