{"schema_version":"secwatch.filing_event.v1","accession":"0001171843-23-006448","form_type":"8-K","ticker":"SHEN","cik":"0000354963","company_name":"SHENANDOAH TELECOMMUNICATIONS CO/VA/","filed_at":"2023-10-26T23:59:59+00:00","discovered_at":"2026-05-14T18:03:31.661545+00:00","generated_at":"2026-06-09T09:03:01.844899+00:00","sec_items":["1.01","3.02","9.01"],"event_type":"m_and_a","sentiment":"positive","materiality_score":0.9,"calibrated_materiality_score":0.9,"confidence":"high","headline":"Shentel acquires Horizon for $305M cash plus stock; ECP invests $81M in preferred","bullets":["Total cash consideration of $305M to Sellers plus ~4.08M shares to GCM Grosvenor; up to $65M additional for capex.","ECP Fiber Holdings invests $81M in Shentel Broadband 7% Series A Preferred, exchangeable for common.","Credit Agreement amended to allow $275M incremental term loans; $50M of that for revolver; CoBank leads commitment.","GCM gets board seat and 1-year lock-up; ECP gets director nomination rights if holding >=7.5% of common.","Closing expected by May 1, 2024 (extendable to July 1), subject to regulatory approvals and other conditions."],"urls":{"canonical":"https://secwatch.observer/filing/0001171843-23-006448","json":"https://secwatch.observer/filing/0001171843-23-006448.json","markdown":"https://secwatch.observer/filing/0001171843-23-006448.md","text":"https://secwatch.observer/filing/0001171843-23-006448.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/354963/000117184323006448/0001171843-23-006448-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/354963/000117184323006448/f8k_102523.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-09T09:03:01.844899+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"987af2b97fc748bd56b6b7fd7f722592512a21f3","claim":"SHENANDOAH TELECOMMUNICATIONS CO/VA/ entered into Agreement and Plan of Merger with Horizon Acquisition Parent LLC, the sellers set forth on the signature pages thereto, and Novacap TMT V, L.P. valued at $305 million in cash (effective 2023-10-24).","evidence_excerpt":"On October 24, 2023, Shenandoah Telecommunications Company (“Shentel”) entered into an Agreement and Plan of Merger (the “Merger Agreement”), with Horizon Acquisition Parent LLC, a Delaware limited liability company (“Horizon”), Fox Merger Sub I Inc., a Delaware corporation and wholly-owned subsidiary of Shentel (“Merger Sub I”), Fox Merger Sub II, a Delaware limited liability company and wholly-owned subsidiary of Shentel (“Merger Sub II”), the sellers set forth on the signature pages thereto (each, a “Seller” and collectively, the “Sellers”) and Novacap TMT V, L.P., as representative of the Sellers (the “Seller Representative”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/354963/000117184323006448/0001171843-23-006448-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"merger"},{"label":"Counterparty","value":"Horizon Acquisition Parent LLC, the sellers set forth on the signature pages thereto, and Novacap TMT V, L.P."},{"label":"Value","value":"$305 million in cash"},{"label":"Effective","value":"2023-10-24"}],"fact_type":"material_agreement"},{"claim_id":"c553dc627f3bbd2a8bddfb3f7ea1dc020b0603e3","claim":"SHENANDOAH TELECOMMUNICATIONS CO/VA/ entered into Investment Agreement with ECP Fiber Holdings, LP and Hill City Holdings, LP valued at 81,000 shares (effective 2023-10-24).","evidence_excerpt":"Contemporaneously with the execution of the Merger Agreement, Shentel and Shentel Broadband Holding Inc., a wholly-owned subsidiary of Shentel (“Shentel Broadband”), entered into an investment agreement (the “Investment Agreement”) with ECP Fiber Holdings, LP, a Delaware limited partnership (“ECP Investor”), and, solely for the limited purposes set forth therein, Hill City Holdings, LP, a Delaware limited partnership affiliated with ECP Investor (“Hill City”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/354963/000117184323006448/0001171843-23-006448-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"equity purchase"},{"label":"Counterparty","value":"ECP Fiber Holdings, LP and Hill City Holdings, LP"},{"label":"Value","value":"81,000 shares"},{"label":"Effective","value":"2023-10-24"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}