Shentel to acquire Ohio fiber company
Acquisition of Horizon will double fiber business
Edinburg-based Shenandoah Telecommunications, better known as Shentel, plans to acquire Horizon Telecom for $385 million, the company announced Tuesday.
Shentel will pay $305 million in cash and the rest in common stock. The transaction is expected to close in the first half of 2024.
Ohio-based Horizon, founded in 1895, is a commercial fiber provider with a 7,000 route-mile fiber network and more than 9,000 net locations.
“The acquisition of Horizon is a transformative transaction that we believe will allow us to accelerate our fiber-first strategy by doubling the size of our commercial fiber business and creating a new beachhead for our Glo Fiber business. We now expect to pass 150,000 additional homes with fiber in greenfield markets, targeting 600,000 total passings by the end of 2026,” Shentel President and CEO Christopher E. French said in a statement.
Shentel serves customers in Virginia, West Virginia, Maryland and Kentucky and has laid down Glo Fiber residential fiber-optic broadband lines all over the commonwealth.