Hunton Andrews Kurth Advises Shentel in the Acquisition of Horizon Telecom and Related Equity Investment with Energy Capital Partners

Hunton Andrews Kurth LLP is advising Shenandoah Telecommunications Company (“Shentel”) in its $375 million acquisition of Horizon Telecom, which is a portfolio company of affiliates of Novacap TMT and GCM Grosvenor. The firm is also representing Shentel in raising $81 million of growth capital from Energy Capital Partners, as well as in obtaining a $275 million bank financing commitment in connection with the acquisition.

Nasdaq-listed Shentel is a leading provider of broadband services in the Mid-Atlantic. Horizon is a commercial fiber provider in Ohio and adjacent states serving national wireless providers, carriers, enterprises, and government, education and healthcare customers. The transaction, announced on October 24, 2023, is expected to close in 2024 and double the size of Shentel’s commercial fiber business. In addition to the equity and debt financing, the transaction provides for GCM Grosvenor to rollover its interest in Horizon in the form of Shentel common stock.

The Hunton Andrews Kurth M&A team advising Shentel was led by partners Steven Haas and J.A. Glaccum, counsel Charlie Brewer, and associates Neiman Gipson and Kaitlyn Thorson. 

The multi-disciplinary team across the firm’s offices working on the M&A transaction, equity financing and debt financing also included finance partner Eric Nedell, M&A partners Rich Warren and Jim Kennedy, capital markets partners Mayme Beth Donoghue and Courtney Cochran Butler, tax partner Will Freeman, employment law partner Ryan Glasgow, and finance associates Alessandra Hylander and Vincent D’Amico, among others.