Shentel to acquire Horizon Telcom for $385M in cash and stock

SHENANDOAH TELECOMMUNICATIONS CO/VA/

Acquires 100% of Horizon for $385M: $305M cash + $80M common stock (4.08M shares to GCM Grosvenor).
Horizon generated $64.7M revenue, $19.0M Adjusted EBITDA, and $12.0M net loss in 2022.
Shentel expects $10M annual run-rate synergies within 18 months; $16M tax benefits from $68M NOL.
Transaction subject to regulatory approvals; expected close in H1 2024. Financing includes $275M commitments and $81M preferred from ECP.
Shentel targets 600K total fiber passings by end 2026; may pursue strategic alternatives for tower portfolio.

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