Shenandoah Telecommunications Company to Acquire Horizon Telcom

Shenandoah Telecommunications Company (Shentel) announced it has entered into a definitive agreement to acquire 100 percent of the equity interests in Horizon Telecom for $385 million. Consideration will consist of $305 million in cash and $80 million of Shentel common stock. Horizon is a leading commercial fiber provider in Ohio and adjacent states serving national wireless providers, carriers, enterprises, and government, education and healthcare customers. Horizon’s 7,200 route-mile fiber network is the largest and most dense network across its footprint with over 9,000 on-net locations. Approximately 64 percent of Horizon’s revenues are derived from their commercial customers. Horizon has recently pursued a strategy of investing in Fiber-to-the-Home in tier 3 & 4 markets in Ohio, and 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.