M&A - SHENANDOAH TELECOMMUNICATIONS CO/VA/

Form Type: 10-Q

Filing Date: 2025-04-30

Corporate Action: Merger

Type: Update

Accession Number: 000162828025020817

Filing Summary: Shenandoah Telecommunications Company completed the acquisition of Horizon on April 1, 2024. The total purchase price was $416.2 million, comprised of cash and common stock. The acquisition is expected to enhance Shentel's service offerings in broadband and telecommunications. For the three months ended March 31, 2025, Shentel experienced a significant loss from continuing operations amounting to $9.1 million, primarily due to increased operating expenses post-acquisition. The company reported service revenues of $87.9 million, demonstrating growth compared to $69.2 million in the prior year, largely driven by expanded market operations and customer base integration. Shentel has incurred integration costs related to the acquisition, reflecting the continuing expenses involved in assimilating Horizon's operations. Additional details include adjustments to depreciation and amortization as a result of the acquisition's effects on asset valuations. As a result of the merger and the integration phase, the company faces various operational challenges impacting earnings in the short term.

Form Type: 10-K

Filing Date: 2025-02-20

Corporate Action: Acquisition

Type: Update

Accession Number: 000162828025006567

Filing Summary: Shenandoah Telecommunications Company ('Shentel') completed its acquisition of Horizon Acquisition Parent LLC on April 1, 2024, under a merger agreement dated October 24, 2023. The acquisition involved Shentel acquiring 100% of Horizon’s outstanding equity interests by issuing 4,100,375 shares of common stock and paying $347 million in cash. This strategic move is expected to enhance Shentel's broadband services as Horizon was a notable fiber provider. Additionally, Shentel completed the sale of its tower portfolio to Vertical Bridge Holdco, LLC for $309.9 million, marking a significant shift in its business strategy, transitioning the tower portfolio to discontinued operations. These transactions indicate Shentel's focus on expanding its broadband service capabilities while restructuring its asset base.