SHEN - Shenandoah Telecommunications Company Completes Acquisition of Horizon Telcom | Benzinga
EDINBURG, Va., April 01, 2024 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company ("Shentel" or the "Company") (NASDAQ:SHEN) announced today the completion of its acquisition of Horizon Acquisition Parent LLC ("Horizon" or "Horizon Telcom").
Horizon is a leading commercial fiber provider in Ohio and adjacent states serving national wireless providers, carriers, enterprises, and government, education and healthcare customers. Horizon's unique fiber network is the largest and most dense network across its footprint, and the combined company will have approximately 15,4001 fiber route miles across seven adjacent states. Shentel plans to re-brand the Horizon commercial and residential fiber businesses to Glo Fiber.
"We are excited to expand into Ohio and Indiana, roughly doubling the size of our commercial fiber business, adding new Glo Fiber greenfield fiber-to-the-home ("FTTH") expansion markets, and now reaching approximately 250,0002 total combined company fiber passings. With our expansion into Ohio, we expect to pass approximately 600,000 total homes and businesses with Glo Fiber by the end of 2026," said Shentel's President and CEO, Christopher E. French. "We believe combining Horizon's leading commercial fiber business with our rapidly growing residential Glo Fiber business will translate to a stronger combined business."
Glenn Lytle, Horizon head of Commercial Sales, will join the Shentel management team as Senior Vice President of Commercial Sales for the combined business. Mr. Lytle has over 25 years of experience in the telecommunications industry, including previous senior leadership roles at Segra and Comcast.
Shentel funded the cash portion of the acquisition with a combination of existing cash resources, proceeds from last week's completed sale of its tower portfolio, and issuance of 7%3 Participating Exchangeable Perpetual Preferred Stock of a Shentel subsidiary to an affiliate of Energy Capital Partners. The Company issued approximately 4.1 million shares of Shentel common stock to an investment fund managed by affiliates of GCM Grosvenor, a selling unit holder of Horizon.
About Shenandoah Telecommunications
Shenandoah Telecommunications Company (Shentel) provides residential and commercial broadband services ...