Airspan Networks, a provider of software and hardware for 5G networks, 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. 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 completion of our restructuring is a transformative accomplishment for Airspan,” Glenn Laxdal, president and CEO of Airspan, said. “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 is serving as legal counsel to Airspan. VRS Restructuring Services is serving as Airspan’s financial advisor and Intrepid Investment Bankers is serving as Airspan’s investment banker. Davis Polk & Wardwell and Richards, Layton & Finger are serving as counsel to Fortress Investment Group.
