Shenandoah to sell Tower Portfolio to Vertical Bridge for $310M

Shenandoah Telecommunications Company has entered into a Purchase and Sale Agreement with Vertical Bridge Holdco to sell its tower portfolio and operations to Vertical Bridge for $310.3M in cash. The Transaction is subject to customary closing conditions. Vertical Bridge will pay Shentel the $310.3M purchase price on the date of the initial closing. Subsequent closings will occur as closing conditions are met for any remaining sites. The Company expects an initial closing in March 2024. The Company expects to pay up to $10M in 2024 income taxes as a result of the gain on the sale after utilization of net operating loss carryforwards. The Shentel Tower Portfolio being sold consists of 226 tower portfolio sites and generated $18.6M in revenue, $9.5M of operating income and $11.6M of Adjusted EBITDA2 in 2023.