Mobile Internet services provider Boingo Wireless is looking into a potential sale after it received takeover interest, according to people familiar with the matter, Bloomberg reports.
Boingo, which provides Wi-Fi at airports, train stations, stadiums and has more than 1 million hotspots around the world, is working with an adviser to explore its options and listen to potential offers, according to Bloomberg’s sources. Private equity firms, infrastructure funds and strategic buyers are among the potential interested parties. No decisions have made and Boingo could remain an independent entity, however.
A potential sale could be enticing to Boingo as its shares have dropped 48 percent in the past year and decreased 9.9 percent this week due to the coronavirus-related market fall. Boingo’s shares gained up to 9.8 percent when news of a potential sale broke. The company closed Monday down 1 percent, which gave it a $629 million market value.
Boingo representatives could not be reached for comment.