Starry closes FirstMark Horizon tie-up; poised to list on NYSE today

29 Mar 2022

US fixed wireless access (FWA) provider Starry and FirstMark Horizon Acquisition Corp, a publicly traded special-purpose acquisition company, expect to close their previously announced ‘business combination’ today (29 March) and take Starry public. The combined company will continue to operate as Starry and is expected to begin trading on the New York Stock Exchange (NYSE) from today, under the ticker symbol ‘STRY’.

The transaction implies a pro forma enterprise value of USD1.76 billion, with gross proceeds of USD176 million. FirstMark shareholders approved the business combination at a Special Meeting on 16 March, with 93.9% of votes cast in support. Starry will continue to be led by its co-founder and CEO, Chet Kanojia.

Founded in 2014, Starry’s network currently covers more than 4.7 million US households across six markets, namely: Boston, New York, Los Angeles, Denver, Columbus and Washington DC. Going forward, the ISP is planning a rapid expansion programme and aims to cover 25 million households by 2026, with a projected 1.4 million residential and small business subscribers.

United States, Starry Internet