SHENANDOAH TELECOMMUNICATIONS CO/VA/ (SHEN): M&A transaction — Shentel completes initial tower sale for $309.9M; funds Horizon Telcom and fiber growth

SHENANDOAH TELECOMMUNICATIONS CO/VA/

Initial closing conveyed ~98% of tower portfolio; remaining closings expected by March 2025.
Cash consideration of $309.9M from Vertical Bridge for substantially all tower operations.
Proceeds to fund previously announced acquisition of Horizon Telcom and fiber-first strategy.
Glo Fiber expansion target of 600,000 home/business passings by year-end 2026 reiterated.
CEO French cites transaction as key step to accelerate fiber build and future growth.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

SHENANDOAH TELECOMMUNICATIONS CO/VA/ completed a disposition involving Vertical Bridge Holdco, LLC for $309.9 million in cash (closed 2024-03-29).

Action: disposition
Counterparty: Vertical Bridge Holdco, LLC
Consideration: $309.9 million in cash
Closing: 2024-03-29

Exact text from the filing

On March 29, 2024, Shenandoah Mobile, LLC, a wholly-owned subsidiary of Shenandoah Telecommunications Company (collectively, “Shentel”), completed the initial closing (the “Initial Closing”) of its previously disclosed sale of substantially all of Shentel’s tower portfolio and operations (“Tower Portfolio”) to Vertical Bridge Holdco, LLC (“Vertical Bridge”) for $309.9 million in cash (the “Transaction”).

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9 m&a transactions filed in the last 30 days. Browse all m&a transactions →

SHENANDOAH TELECOMMUNICATIONS CO/VA/ filing history →

Source: SEC EDGAR

accession 0001171843-24-001718

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