---
schema_version: "secwatch.filing_event.v1"
accession: "0001171843-23-006374"
form_type: "8-K"
ticker: "SHEN"
cik: "0000354963"
company_name: "SHENANDOAH TELECOMMUNICATIONS CO/VA/"
filed_at: "2023-10-25T23:59:59+00:00"
generated_at: "2026-06-09T11:58:57.279010+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001171843-23-006374
- form_type: 8-K
- ticker: SHEN
- cik: 0000354963
- company_name: SHENANDOAH TELECOMMUNICATIONS CO/VA/
- filed_at: 2023-10-25T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/354963/000117184323006374/0001171843-23-006374-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/354963/000117184323006374/f8k_102423.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001171843-23-006374
- JSON: https://secwatch.observer/filing/0001171843-23-006374.json
- Plain text: https://secwatch.observer/filing/0001171843-23-006374.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.