News Releases

Baker Botts Advises Novacap-backed Horizon Telecom on Sale to Shentel

Release

Deal description: Shenandoah Telecommunications Company (“Shentel” or the “Company”) (Nasdaq: SHEN) has entered into a definitive agreement to acquire 100% of the equity interests in Horizon Acquisition Parent LLC (“Horizon” or “Horizon Telecom”) for $385 million. Consideration will consist of $305 million in cash and $80 million of Shentel common stock. 

Baker Botts L.L.P. represented Horizon Telecom in the sale, as well as private equity funds managed by Novacap, Horizon’s controlling equityholder, and other equityholders including GCM Grosvenor (Nasdaq: GCMG) and Novacap’s other co-investors comprising several private equity groups.

Shentel provides broadband services through its high speed, state-of-the-art cable and fiber optic networks to customers in the Mid-Atlantic United States.

Horizon is a leading commercial fiber provider in Ohio and adjacent states serving national wireless providers, carriers, enterprises, and government, education and healthcare customers over its unique 7,200 route-mile fiber network. Based in Chillicothe, Ohio, Horizon was founded in 1895 as the incumbent local exchange carrier (“ILEC”) in Ross County, Ohio and has rapidly expanded its fiber network over the past 14 years.

Shentel’s press release can be found here.

Baker Botts Lawyers/Offices Involved:

Corporate: Neil Torpey (Partner, New York), Nicole Perez (Partner, New York), Henry Klimowicz (Associate, New York)

Finance: Clint Culpepper (Partner, Austin), Delaram Peimani (Associate, Austin)

Tax: Steve Marcus (Partner, Dallas), Peter Farrell (Special Counsel, Washington, D.C.)

Executive Compensation: Robin Melman (Partner, New York)

Antitrust:  Michael Bodosky (Special Counsel, Washington, D.C.)

Data Privacy/Cybersecurity:  Matthew Baker (Partner, San Francisco)

ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.

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