Akamai is winning bidder to acquire select assets from Edgio

Akamai (AKAM) announced it is the winning bidder to acquire select assets from Edgio, including customer contracts from Edgio’s businesses in security and content delivery, and non-exclusive license rights to Edgio’s entire patent portfolio. No assets related to the Edgio network would be acquired as part of the bid. Pursuant to Edgio’s filing for Chapter 11 bankruptcy relief on September 9, Edgio initiated a 363 bankruptcy sale procedure for qualified bidders to bid for the company’s assets. The 363 sale auction was concluded on November 13, and winning bids were declared. The court hearing to consider approval of the sale transaction is currently set for November 25. Following court approval, the parties can proceed with closing the transaction. Akamai anticipates providing additional information regarding the expected financial impact from assets purchased as part of the transaction once approved by the court. If the court approves, the transaction would be expected to close in the fourth quarter of 2024, subject to customary closing conditions for a transaction of this type.