Shenandoah Telecommunications Company ("Shentel") has announced the completion of the sale of its tower portfolio to Vertical Bridge Holdco, LLC for a hefty sum of $309.9 million in cash. This significant influx of capital will be utilized to fund the acquisition of Horizon Telcom and to provide growth capital to accelerate the company's fiber-first strategy and expansion of Glo Fiber.
Shentel's President and CEO, Christopher E. French, highlighted that the proceeds from the tower portfolio sale will be instrumental in funding the acquisition and furthering the company's growth initiatives. The planned expansion of Glo Fiber aims to reach approximately 600,000 homes and business passings by the end of 2026, reflecting the ambitious growth targets set by the company.
Shentel, known for providing broadband services through its high-speed fiber optic and cable networks, serves customers in the mid-Atlantic United States. The company's services include broadband internet, video, voice, fiber-optic Ethernet, wavelength, and leasing. With an extensive regional network boasting around 9,900 route miles of fiber, Shentel is well-positioned to drive its growth strategy and meet the increasing demand for high-quality broadband services in the region. Following these announcements, the company's shares moved -1.6%, and are now trading at a price of $17.37. Check out the company's full 8-K submission here.
