Becomes Private Company with Stronger Balance Sheet to Execute Strategic Plan
BOCA RATON, Fla.--(BUSINESS WIRE)--Airspan Networks Holdings LLC ("Airspan" or the "Company"), a provider of ground-breaking, disruptive software and hardware for 5G networks and a pioneer in end-to-end Open RAN, private network and air-to-ground connectivity solutions, today announced that it has completed its financial and strategic transition – including new equity ownership.
Airspan is now a private company majority-owned by funds managed by affiliates of Fortress Investment Group ("Fortress"). Airspan has received $85.4 million in equity financing, and has access to an additional $20 million undrawn line of credit. Airspan's previous funded debt has been eliminated.
The financial and strategic restructuring positions the company for long-term success, with a strengthened balance sheet and greater financial flexibility.
"The completion of our restructuring is a transformative accomplishment for Airspan," said Glenn Laxdal, President and Chief Executive Officer of Airspan. "We are a stronger company with a balance sheet that gives us the flexibility we need to execute our strategic plan, and a partner in Fortress that can offer valuable resources and support. I am grateful to our employees, customers and partners for their unwavering support during this process, and their commitment to our future success."
Dorsey & Whitney LLP is serving as legal counsel to Airspan. VRS Restructuring Services, LLC is serving as Airspan's financial advisor and Intrepid Investment Bankers LLC is serving as Airspan's investment banker. Davis Polk & Wardwell LLP and Richards, Layton & Finger are serving as counsel to Fortress Investment Group.
About Airspan
Airspan Networks Holdings Inc. is a U.S.-based provider of groundbreaking, disruptive software and hardware for 5G networks, and a pioneer in end-to-end Open RAN solutions that provide interoperability with other vendors. As a result of innovative technology and significant R&D investments to build and expand 5G solutions, Airspan believes it is well-positioned with 5G indoor and outdoor, Open RAN, private networks for enterprise customers and industrial use applications, fixed wireless access (FWA), Air-To-Ground, Neutral Host Networks and Utilities solutions to help mobile network operators of all sizes deploy their networks of the future, today. With over one million cells shipped to 1,000 customers in more than 100 countries, Airspan has global scale. For more information, visit .
About Fortress Investment Group
Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $48 billion of assets under management as of June 30, 2024, on behalf of approximately 2,000 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.
Contacts
Airspan Press Contact:
Abel Mayal
mediarelations@airspan.com
