Financial Advisor and Fairness Opinion
NTELOS Holdings Corp.
M&A Advisory
Has Been Acquired By
Shenandoah Telecommunications Company
Transaction Details
- NTELOS Holdings Corp. (“NTELOS”) and Shenandoah Telecommunications Company ("Shentel") announced that they entered into a definitive agreement under which Shentel will acquire NTELOS in an all-cash transaction valued at approximately $640 million
- NTELOS shareholders will receive $9.25 per share in cash, representing an approximate 60% premium to the 30-day volume weighted average price of NTELOS as of August 7, 2015
- Shentel will also assume approximately $430 million of NTELOS adjusted net debt as of June 30, 2015
- Transaction Multiple:
- Price / 2015E Adj. EBITDA – 6.2x
- Concurrent with the NTELOS transaction, Shentel will enter into a series of agreements with Sprint, including the expansion of its affiliate relationship with Sprint to parts of western Virginia and West Virginia to incorporate the NTELOS licensed territories
- The transaction is expected to close in early 2016, and is subject to regulatory approval, the consummation of certain transactions between Shentel and Sprint as well as other customary conditions
- Stephens served as a financial advisor and provided a fairness opinion to NTELOS
Source: Press release, Company presentation and publicly available information.
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