Shenandoah Telecommunications Company (Shentel), (NASDAQ: SHEN) which provides internet, phone, cable TV and tower leasing in Virginia, West Virginia, Kentucky, and Maryland, has acquired Horizon Telcom for $385 million in a transaction consisting of $305 million in cash and $80 million in stock.
Horizon, headquartered in Columbus, OH, has a 7,200 route-mile fiber network in Ohio and adjacent states serving national wireless providers, carriers, enterprises, and government, education and healthcare customers. Approximately 64 percent of Horizon’s revenues are derived from commercial customers.
Most recently, Horizon has invested in fiber-to-the-home in tier three and tier four markets in Ohio. The company currently passes 14,000 homes and businesses with fiber in its ILEC market, and 18,000 homes in new, greenfield markets adjacent to its commercial fiber network.
Shentel plans to pass 600,000 homes by the end of 2026 with its 9,000 route-mile, multi-state fiber network.
Horizon is a portfolio company of GCM Grosvenor and Novacap. Chicago-based GCM Grosvenor serves a global client base of institutional and high-net-worth investors.
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