United States: Shentel to sell tower portfolio to Vertical Bridge

Mar 05, 2024 | Posted by Abdul-Rahman Oladimeji

Shenandoah Telecommunications Company (Shentel) announced that it has agreed to sell its tower portfolio which consists of 226 portfolio sites to Vertical Bridge for $310.3 million after entering into a purchase and sale agreement with Vertical Bridge last week.

Shentel’s President and CEO, Christopher E. French said, “The proceeds from the sale of our Tower business will provide Shentel with additional growth capital to support the planned expansion of our Glo Fiber line of business to approximately 600,000 homes and business passings by the end of 2026. With the expected closing of this Transaction and the previously announced $356 million of committed financings supporting our pending acquisition of Horizon Telcom, we believe our capital structure is well balanced and will provide future financial flexibility."

Vertical Bridge president and CEO, Ron Bizick added, "The towers are high-quality assets with available capacity for additional tenants and are located in difficult areas to build new towers due to zoning restrictions and terrain challenges. The geographic concentration of the portfolio offers a unique opportunity for future deployment of existing and new technologies."