Boingo wireless (NASDAQ:WIFI), the largest provider of Wi-Fi hotspot services, yesterday announced acquisition of the second largest Wi-Fi service provider in the United States, Advanced Wireless Group. The acquisition of its nearest competitor extends the reach of the Boingo network and also significantly adds to the company’s resources. As per an official statement on the Boingo Wireless website, Advanced Wireless Group currently operates Wi-Fi services in 17 US airports. The combined entity will now operate Wi-Fi services in 60% of the top 50 airports across North America and more than 40% of the top 50 airports in the world bringing Wi-Fi services to approx. 1.4 billion passengers across these airports every year. The combined entity will be an unmatched leader in the airport wireless services industry with the deal expected to close in the fourth quarter of 2013.
Though the terms of the deal have not been disclosed, the news of the acquisition did not find favour with the investors as the stock continued its downward trend losing 1% in regular trading following the morning announcement. Boingo stock price has now lost close to 9% in the year to date.
To see Boingo wireless’ latest stock price movement, click here (NASDAQ:WIFI)
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