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

Boingo Wireless (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.

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