---
schema_version: "secwatch.filing_event.v1"
accession: "0001171843-24-001743"
form_type: "8-K"
ticker: "SHEN"
cik: "0000354963"
company_name: "SHENANDOAH TELECOMMUNICATIONS CO/VA/"
filed_at: "2024-04-01T23:59:59+00:00"
generated_at: "2026-06-04T05:01:05.518000+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Shentel completes Horizon acquisition for $305M cash + 4.1M shares; issues $81M preferred to ECP

## Summary
- Completed acquisition of Horizon Telcom, a commercial fiber provider in Ohio and adjacent states, effective April 1, 2024.
- Consideration: $305M cash to sellers/debt, ~$39M for capex reimbursements, and 4.1M shares of SHEN common to GCM Grosvenor.
- Shentel subsidiary issued 81,000 shares of 7% Series A Preferred Stock to ECP for $81M to help fund cash portion.
- Credit Agreement amended with $225M incremental term loans and $50M revolver increase; Shentel Broadband Operations assumes borrower role.
- Combined fiber network: ~15,400 route miles across 7 states; plans to pass ~600K homes/businesses with Glo Fiber by end of 2026.

## SEC filing metadata
- accession: 0001171843-24-001743
- form_type: 8-K
- ticker: SHEN
- cik: 0000354963
- company_name: SHENANDOAH TELECOMMUNICATIONS CO/VA/
- filed_at: 2024-04-01T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.01, 3.02, 3.03, 5.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/354963/000117184324001743/0001171843-24-001743-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/354963/000117184324001743/f8k_040124.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001171843-24-001743
- JSON: https://secwatch.observer/filing/0001171843-24-001743.json
- Plain text: https://secwatch.observer/filing/0001171843-24-001743.txt

## Key facts
- M&A Transactions
  SHENANDOAH TELECOMMUNICATIONS CO/VA/ completed an acquisition involving Horizon Acquisition Parent LLC for issuing 4,100,375 shares of Shentel’s common stock, no par value (“Common Stock”), to an investment fund managed by affiliates of GCM Grosvenor ... and paying $ (closed 2024-04-01).
  - Action: acquisition
  - Counterparty: Horizon Acquisition Parent LLC
  - Consideration: issuing 4,100,375 shares of Shentel’s common stock, no par value (“Common Stock”), to an investment fund managed by affiliates of GCM Grosvenor ... and paying $
  - Closing: 2024-04-01
  source text: Subject to the terms and conditions of the Merger Agreement, on the Closing Date, Shentel acquired 100% of the outstanding equity interests of Horizon in exchange for (i) issuing 4,100,375 shares of Shentel’s common stock, no par value (“Common Stock”), to an investment fund managed by affiliates of GCM Grosvenor (“GCM Grosvenor”), which is one of the Sellers; and
  evidence_url: https://www.sec.gov/Archives/edgar/data/354963/000117184324001743/0001171843-24-001743-index.htm

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