You are using an older browser version. Please use a supported version for the best MSN experience.

Boingo Wireless Said to Explore Sale After Takeover Interest

Bloomberg logoBloomberg 2/24/2020 Ed Hammond, Gillian Tan and Liana Baker
a group of people standing in a room: A passenger looks at a smartphone on a subway train in Shenzhen, China, on Tuesday, Aug. 23, 2016. © Bloomberg A passenger looks at a smartphone on a subway train in Shenzhen, China, on Tuesday, Aug. 23, 2016.

(Bloomberg) -- Boingo Wireless Inc., the WiFi service used by travelers, is exploring a potential sale after receiving takeover interest, according to people familiar with the matter.

The Los Angeles-based mobile internet services provider is working with an adviser to explore its options and field potential offers, said the people, who asked to not be identified because the matter isn’t public. Boingo could attract private equity firms, infrastructure funds or strategic buyers, the people said.

A final decision hasn’t been made and Boingo could decide to remain independent, they said.

A representative for Boingo couldn’t be reached for comment.

Boingo’s shares had fallen 48% in the past year and were down 9.9% Monday amid the coronavirus-induced market tumble. The shares gained as much as 9.8% on news of a potential sale and then closed the day down 1% to $14.25, giving the company a market value of about $629 million.

The company provides WiFi and other internet services at airports, train stations, stadiums and other venues, according to its website. It has more than 1 million hotspots worldwide.

The company announced a business restructuring plan in December that eliminated 80 positions or 16% of its workforce.

(Updates with closing share price in fifth paragraph)

To contact the reporters on this story: Ed Hammond in New York at ehammond12@bloomberg.net;Gillian Tan in New York at gtan129@bloomberg.net;Liana Baker in New York at lbaker75@bloomberg.net

To contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, ;Alan Goldstein at agoldstein5@bloomberg.net, Matthew Monks, Michael Hytha

For more articles like this, please visit us at bloomberg.com

©2020 Bloomberg L.P.

AdChoices
AdChoices
image beaconimage beaconimage beacon