Shentel Expands Market Position with Strategic Acquisition and Reorganization

Shenandoah Telecommunications Co (SHEN) has shared an announcement.

Shenandoah Telecommunications Company (Shentel) finalized its acquisition of Horizon Acquisition Parent LLC on April 1, 2024, issuing over 4 million shares of its common stock to GCM Grosvenor and paying $305 million in cash to other sellers. In addition to equity interests, Shentel also discharged Horizon’s debt and compensated sellers for capital expenditures. Shentel has entered into agreements granting GCM Grosvenor board appointment rights and ECP Investor shares of preferred stock with exchange rights, both subject to various terms and conditions. This strategic move, which includes a reorganization of Shentel’s subsidiaries, aims to strengthen the company’s market position and enhance shareholder value.

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