Shentel sells tower portfolio to Vertical Bridge for $310.3M in cash

SHENANDOAH TELECOMMUNICATIONS CO/VA/

Transaction includes 226 tower sites (218 macro towers, 8 small cells).
Initial closing expected in March 2024; Vertical Bridge pays full $310.3M at first close.
Tower portfolio generated $18.6M revenue, $9.5M operating income, $11.6M adj. EBITDA in 2023.
Proceeds to fund Glo Fiber expansion to ~600,000 passings by end of 2026.
Shentel expects to pay up to $10M in 2024 income taxes on the gain.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

SHENANDOAH TELECOMMUNICATIONS CO/VA/ entered into Purchase and Sale Agreement with Vertical Bridge Holdco, LLC valued at $310.3 million (effective 2024-02-29).

Action: entry
Agreement: asset purchase
Counterparty: Vertical Bridge Holdco, LLC
Value: $310.3 million
Effective: 2024-02-29

Exact text from the filing

On February 29, 2024, Shenandoah Mobile, LLC, a wholly-owned subsidiary of Shenandoah Telecommunications Company (collectively, “Shentel”), entered into a Purchase and Sale Agreement (the “Transaction Agreement”) with Vertical Bridge Holdco, LLC (“Vertical Bridge”) to sell substantially all of Shentel’s tower portfolio and operations (“Tower Portfolio”) to Vertical Bridge for $310.3 million in cash (the “Transaction”).

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737 material agreements filed in the last 30 days. Browse all material agreements →

SHENANDOAH TELECOMMUNICATIONS CO/VA/ filing history →

Source: SEC EDGAR

accession 0001171843-24-001118

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