M&A · Tech · Communications Services, NEC
Digital Colony to acquire Boingo Wireless, Inc.
Announced Mar 1, 2021 · Closed Jun 2, 2021
Deal value$854MEV $592M
Premium23.0%To unaffected price
EV / Adj. EBITDA7.3x2.5x EV / Revenue
ConsiderationAll cash$14.00 per share
Transaction
- Acquirer
- Digital Colony
- Target
- Boingo Wireless, Inc.
- Buyer type
- Strategic
- Offer price per share
- $14.00
- Enterprise value
- $592M
- Status
- Closed Jun 2, 2021
Deal protections
- Break fee (target pays)
- $19.6M · 2.3%
- Reverse fee (buyer pays)
- $32.7M · 3.8%
- Go-shop
- Go-shop
- Financing
- Committed · Truist Securities
Advisors
- To the acquirer
- Credit Suisse, Truist Securities
- To the target
- Not disclosed
Sector context · Tech
- Comparable deals
- 22 in the prior 24 months
- Premium
- 23.0% vs. 34.1% sector median
- EV / Adj. EBITDA
- 7.3x vs. 17.3x sector median
- Break fee
- 2.3% vs. 3.0% sector median
Timeline
- AnnouncedMar 1, 2021
- Proxy filedApr 9, 2021
- Definitive proxyApr 28, 2021
- Shareholder voteJun 1, 2021
- ClosedJun 2, 2021
Valuation · fairness opinions
Discounted cash flow$9.43$12.78
Discounted cash flow$8.11$13.68
Leveraged buyout$4.91$10.04
Leveraged buyout$6.98$11.51
Sum of the parts$3.45$8.58
Offer $14.00
Implied value per Boingo Wireless, Inc. share by analysis.