Boingo Wireless is reportedly contemplating a potential sale after it was approached by an unspecified buyer, according to Bloomberg.
Citing unnamed sources familiar with the matter, Bloomberg reported that Boingo is now exploring options and handling potential offers with the help of an advisor.
Specifically, the sources called out private equity firms, strategic buyers or infrastructure funds as could-be suitors. It’s not a sure thing, Bloomberg noted, as the people said Boingo could still ultimately decide to forgo a sale.
Boingo did not respond to request for comment on this story.
In late 2019 Boingo disclosed that it was chopping 16% of its workforce, or about 80 employees, as part of an effort to increase profitability through a reorganization of its business units after its stock had been on a steady decline.
Although initially focused as a consumer retail Wi-Fi seller, the company had said its business changed substantially over the past few years. That included growth of its neutral host cellular distributed antenna systems (DAS) business for carriers in places like airports and stadiums, as well as coverage on military bases and in multifamily dwelling units (MDUs). Boingo says it’s the largest operator of airport DAS and Wi-Fi networks in the U.S.
Boingo in December announced the launch of a new cellular DAS network at the Portland International Airport with a U.S. Tier 1 carrier. With that launch, Boingo had 71 DAS venues live. The company is also working with Verizon to help bring 5G to public and indoor spaces.
Boingo’s footprint expands beyond the U.S. though, including more than 1 million Wi-Fi hotspots worldwide.
At the end of 2019 Boingo planned to restructure business units into ‘core’ products where investments would be focused on Carrier Services (DAS, Offload, 5G, CBRS), Military and Multifamily. Its ‘legacy’ unit containing products like retail Wi-Fi and advertising, meanwhile, would see minimal incremental investment.
Boingo is set to release its latest earnings report next Monday, March 2, with an expected year-over-year decline in earnings per share.