Edinburg-headquartered Shenandoah Telecommunications Company (Shentel) announced that it has completed the initial closing of the previously disclosed sale of its tower portfolio and operations to Vertical Bridge Holdco (Vertical Bridge) for USD 309.9 million in cash.
Also Read: Shentel Announces Sale of Tower Portfolio to Vertical Bridge for USD 310.3 Million
Funding Strategic Acquisitions
Shentel initially announced the sale of its Tower Portfolio to Vertical Bridge on March 1, 2024, as reported by TelecomTalk. At that time, the company stated that the Shentel Tower Portfolio being sold consists of 226 tower sites, including 218 macro cellular towers and 8 small cell sites.
"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.
Also Read: Phoenix Tower Secures Investments from Grain and BlackRock to Continue Expansion
Shentel and Vertical Bridge
Shentel provides broadband services through its high-speed, fiber optic, and cable networks to customers in the Mid-Atlantic United States. The Company owns a regional network with approximately 9,900 route miles of fiber.
Based in Boca Raton, Florida, Vertical Bridge has a portfolio of more than 500,000 sites, including over 11,000 owned and master-leased towers, spread across all 50 states and Puerto Rico.
