Shenandoah Telecommunications Company Completes Sale of its Towers
29 Marzo 2024 - 11:00AM
Shenandoah Telecommunications Company (“Shentel” or the “Company”)
(Nasdaq: SHEN) announced that it has completed the initial closing
of the previously disclosed sale of its tower portfolio and
operations (“Tower Portfolio”) to Vertical Bridge Holdco, LLC
(“Vertical Bridge”) for $309.9 million in cash.
“The proceeds from the sale of our Tower Portfolio will be used
to fund the previously announced acquisition of Horizon Telcom and
provide growth capital to accelerate our fiber-first strategy and
planned expansion of Glo Fiber to approximately 600,000 homes and
business passings by year-end 2026,” said Shentel’s President and
CEO, Christopher E. French.
About Shenandoah TelecommunicationsShenandoah
Telecommunications Company (Shentel) provides broadband services
through its high speed, state-of-the-art fiber optic and cable
networks to customers in the Mid-Atlantic United States. The
Company’s services include: broadband internet, video, voice, and
fiber-optic Ethernet, wavelength and leasing. The Company owns an
extensive regional network with approximately 9,900 route miles of
fiber. For more information, please visit www.shentel.com.
This release contains forward-looking statements
about Shentel regarding, among other things, its business strategy,
its prospects and its financial position. These statements can be
identified by the use of forward-looking terminology such as
“believes,” “estimates,” “expects,” “intends,” “may,” “will,”
“plans,” “should,” “could,” or “anticipates” or the negative or
other variation of these or similar words, or by discussions of
strategy or risks and uncertainties. The forward-looking statements
are based upon management’s beliefs, assumptions and current
expectations and may include comments as to Shentel’s beliefs and
expectations as to future events and trends affecting its business
that are necessarily subject to uncertainties, many of which are
outside Shentel’s control. Although management believes that the
expectations reflected in the forward-looking statements are
reasonable, forward-looking statements are not, and should not be
relied upon as, a guarantee of future performance or results, nor
will they necessarily prove to be accurate indications of the times
at which such performance or results will be achieved, and actual
results may differ materially from those contained in or implied by
the forward-looking statements as a result of various factors. A
discussion of other factors that may cause actual results to differ
from management’s projections, forecasts, estimates and
expectations is available in Shentel’s filings with the Securities
and Exchange Commission, including our Annual Report on Form 10-K
for the year ended December 31, 2023 and our Quarterly Reports
on Form 10-Q. Those factors may include, among others, Shentel’s
ability to satisfy the closing conditions for subsequent tower sale
closings, the ability to obtain the required regulatory approvals
and satisfy the closing conditions required for the pending Horizon
Telcom acquisition, the closing of the pending Horizon Telcom
acquisition may not occur on time or at all, the expected savings
and synergies from the pending Horizon Telcom acquisition may not
be realized or may take longer or cost more than expected to
realize, changes in overall economic conditions including rising
inflation, regulatory requirements, changes in technologies,
changes in competition, demand for our products and services,
availability of labor resources and capital, natural disasters,
pandemics and outbreaks of contagious diseases and other adverse
public health developments, such as COVID-19, and other conditions.
The forward-looking statements included are made only as of the
date of the statement. Shentel undertakes no obligation to revise
or update such statements to reflect current events or
circumstances after the date hereof, or to reflect the occurrence
of unanticipated events, except as required by law.
CONTACT: |
Shenandoah Telecommunications Company |
Jim Volk |
Senior Vice President and Chief Financial Officer |
540-984-5168 |
Jim.Volk@emp.shentel.com |
Shenandoah Telecommunica... (NASDAQ:SHEN)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Shenandoah Telecommunica... (NASDAQ:SHEN)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024