EDINBURG, Va., March 29, 2024 (GLOBE NEWSWIRE) — Shenandoah Telecommunications Firm (“Shentel” or the “Firm”) (Nasdaq: SHEN) introduced that it has accomplished the preliminary closing of the beforehand disclosed sale of its tower portfolio and operations (“Tower Portfolio”) to Vertical Bridge Holdco, LLC (“Vertical Bridge”) for $309.9 million in money.
“The proceeds from the sale of our Tower Portfolio might be used to fund the beforehand introduced acquisition of Horizon Telcom and supply development capital to speed up our fiber-first technique and deliberate enlargement of Glo Fiber to roughly 600,000 properties and enterprise passings by year-end 2026,” stated Shentel’s President and CEO, Christopher E. French.
About Shenandoah Telecommunications
Shenandoah Telecommunications Firm (Shentel) gives broadband providers by means of its excessive pace, state-of-the-art fiber optic and cable networks to prospects within the Mid-Atlantic United States. The Firm’s providers embody: broadband web, video, voice, and fiber-optic Ethernet, wavelength and leasing. The Firm owns an in depth regional community with roughly 9,900 route miles of fiber. For extra data, please go to www.shentel.com.
This launch incorporates forward-looking statements about Shentel relating to, amongst different issues, its enterprise technique, its prospects and its monetary place. These statements may be recognized by way of forward-looking terminology corresponding to “believes,” “estimates,” “expects,” “intends,” “could,” “will,” “plans,” “ought to,” “may,” or “anticipates” or the damaging or different variation of those or comparable phrases, or by discussions of technique or dangers and uncertainties. The forward-looking statements are based mostly upon administration’s beliefs, assumptions and present expectations and will embody feedback as to Shentel’s beliefs and expectations as to future occasions and developments affecting its enterprise which can be essentially topic to uncertainties, a lot of that are exterior Shentel’s management. Though administration believes that the expectations mirrored within the forward-looking statements are cheap, forward-looking statements are usually not, and shouldn’t be relied upon as, a assure of future efficiency or outcomes, nor will they essentially show to be correct indications of the instances at which such efficiency or outcomes might be achieved, and precise outcomes could differ materially from these contained in or implied by the forward-looking statements because of numerous elements. A dialogue of different elements that will trigger precise outcomes to vary from administration’s projections, forecasts, estimates and expectations is obtainable in Shentel’s filings with the Securities and Trade Fee, together with our Annual Report on Type 10-Okay for the 12 months ended December 31, 2023 and our Quarterly Stories on Type 10-Q. These elements could embody, amongst others, Shentel’s capability to fulfill the closing circumstances for subsequent tower sale closings, the flexibility to acquire the required regulatory approvals and fulfill the closing circumstances required for the pending Horizon Telcom acquisition, the closing of the pending Horizon Telcom acquisition could not happen on time or in any respect, the anticipated financial savings and synergies from the pending Horizon Telcom acquisition will not be realized or could take longer or price greater than anticipated to appreciate, adjustments in general financial circumstances together with rising inflation, regulatory necessities, adjustments in applied sciences, adjustments in competitors, demand for our services, availability of labor assets and capital, pure disasters, pandemics and outbreaks of contagious ailments and different adversarial public well being developments, corresponding to COVID-19, and different circumstances. The forward-looking statements included are made solely as of the date of the assertion. Shentel undertakes no obligation to revise or replace such statements to mirror present occasions or circumstances after the date hereof, or to mirror the prevalence of unanticipated occasions, besides as required by legislation.
CONTACT: |
Shenandoah Telecommunications Firm |
Jim Volk |
Senior Vice President and Chief Monetary Officer |
540-984-5168 |
Jim.Volk@emp.shentel.com |
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