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In the tech world, it can be difficult to get cheap valuations on M&A deals. But, with the tightening of the VC market and a lousy IPO space, things are opening up. Perhaps this is a reason AT&T Inc. (NYSE: T) announced it is purchasing Wayport, which is a major WiFi services company. The price tag: $275 million.
With the transaction, AT&T gets about 20,000 domestic hotspots (making the total more than 80,000). Some of the new accounts include the Wyndham and Four Seasons hotels, as well as McDonald's Corporation (NYSE: MCD).
Mobility is pervasive -- and customers expect to get Net access anytime, anywhere. So, the Wayport deal is a good move for AT&T to stay ahead of the curve. Last year, for example, about 300 million WiFi-enabled devices were shipped. And, by 2021, the figure is expected to reach one billion.
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