Edinburg-based Shentel to acquire Colane Cable TV for $2.4 million
- January 4, 2016
Edinburg-based Shenandoah Telecommunications Co. (Shentel) plans to buy Colane Cable TV in West Virginia for $2.4 million.
Founded in 1955 in Omar, W.Va., Colane is a video, Internet and home-phone provider serving the southwestern part of the Mountain State.
Colane has 3,680 customers and passes 8,660 homes in Logan, Boone, Mingo and Wyoming counties in West Virginia. Shentel said those areas are adjacent to its existing service areas in McDowell and Wyoming counties, so it expects a smooth transition in connecting Colane’s communities to its network.
As part of deal, Shentel plans to make major service upgrades that will offer faster Internet speeds and additional HD video channels.
The transaction, which requires certain regulatory approvals, is expected to close in the first quarter of this year.
Last year, Shentel announced it would acquire Waynesboro-based Ntelos Holdings Corp. in an all-cash transaction valued at approximately $640 million. That amount includes debt, which stood at around $431 million as of June 30. Ntelos shareholders will receive approximately $208 million.
Shentel’s services include wireless voice and data; cable video, Internet and voice; fiber network and services; and local and long distance telephone. Shentel is the exclusive personal communications service affiliate of Sprint in portions of Pennsylvania, Maryland, Virginia and West Virginia.