---
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"
generated_at: "2026-06-09T09:03:01.844899+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Shentel acquires Horizon for $305M cash plus stock; ECP invests $81M in preferred

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 3.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001171843-23-006448
- JSON: https://secwatch.observer/filing/0001171843-23-006448.json
- Plain text: https://secwatch.observer/filing/0001171843-23-006448.txt

## Key facts
- Material Agreements
  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).
  - Action: entry
  - Agreement: merger
  - Counterparty: Horizon Acquisition Parent LLC, the sellers set forth on the signature pages thereto, and Novacap TMT V, L.P.
  - Value: $305 million in cash
  - Effective: 2023-10-24
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/354963/000117184323006448/0001171843-23-006448-index.htm
- Material Agreements
  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).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: ECP Fiber Holdings, LP and Hill City Holdings, LP
  - Value: 81,000 shares
  - Effective: 2023-10-24
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/354963/000117184323006448/0001171843-23-006448-index.htm

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