secwatch.observer — SEC 8-K summary
======================================

Issuer:     SHENANDOAH TELECOMMUNICATIONS CO/VA/ (SHEN)
CIK:        0000354963
Form:       8-K
Filed at:   2023-10-25T23:59:59+00:00
Accession:  0001171843-23-006374
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/354963/000117184323006374/0001171843-23-006374-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/354963/000117184323006374/f8k_102423.htm
  HTML page:      https://secwatch.observer/filing/0001171843-23-006374

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer