Regional US operator Shenandoah Telecommunications Company (Shentel) has confirmed that the Federal Communications Commission (FCC) has approved its proposal to acquire fellow mobile operator NTELOS Holdings (nTelos), as announced on 10 August 2015. Shentel anticipates that the transaction will complete within the next few weeks, subject to the completion of the remaining closing conditions.
As previously reported by TeleGeography’s CommsUpdate, Shentel’s all-cash takeover was valued at USD640 million, of which USD431 million was said to be nTelos’ net debt. Concurrent to the merger agreement, Shentel entered into a series of agreements with Sprint Corp, including the expansion of Shentel’s ‘affiliate’ relationship with the mobile giant. All reviews relating to the Sprint-Shentel agreement have also been completed.
Christopher E. French, Shentel’s President and CEO, commented: ‘We are pleased to have received FCC approval for our acquisition of NTELOS and the related transactions with Sprint. With the final regulatory approvals received, we look forward to closing the merger and successfully integrating the two companies. This transaction more than doubles Shentel’s wireless customer base, enhances our presence in the Mid-Atlantic region by adding a highly complementary footprint and further strengthens our long-standing partnership with Sprint. With the close of this deal, Shentel will be positioned as one of the top six public wireless providers in the United States’.