NTELOS Holdings Corp (nTelos) has announced that its shareholders have approved the previously announced USD640 million merger agreement with Shenandoah Telecommunications Company (Shentel) at its Annual Meeting of Stockholders, held on 11 November 2015. Among those who attended the meeting, votes in favour of the proposed deal totalled more than 98% on a per-share basis, with this representing more than 69% of the company’s outstanding shares. nTelos stockholders will receive approximately USD208 million in cash, or USD9.25 per share, while Shentel will assume nTelos’ adjusted net debt of approximately USD431 million (as of 30 June 2015).
nTelos continues to expect that the deal will close in early 2016, subject to customary closing conditions. On 30 October 2015 the Federal Communications Commission (FCC) commenced its formal review process by releasing a public notice setting the cycle for the proposed transaction.