NTELOS Holdings Corp. | Stephens

Who We Are

What We Do

We provide investment banking, research, sales and trading, asset and wealth management, public finance, insurance, private capital, and family office services.

About Us

We are a family-owned financial services firm that values client relationships, long-term stability, and supporting the communities where we live and work.

The Stephens Story

The idea of family defines our culture, because each of us knows that our reputation is on the line as if our own name was on the door.


Our reputation as a leading independent financial services firm is built on the stability of our longstanding and highly experienced senior executives.

Impact Initiatives

We are committed to corporate philanthropy; economic and financial literacy advocacy; and diversity, equity, and inclusion initiatives.

Our Brand Ambassadors

Stephens is proud to sponsor the PGA TOUR, LPGA Tour, and PGA TOUR Champions careers, as well as applaud the philanthropic endeavors, of our Brand Ambassadors.

Making Connections

We host many highly informative meetings each year with clients, industry decision makers, and thought leaders across the U.S. and in Europe.

Back to transactions
Financial Advisor and Fairness Opinion

NTELOS Holdings Corp.

$640 Million 08/10/2015 Telecommunications Complete
Show Tombstone

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.
  1. This material has been prepared solely for informative purposes as of its stated date and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the securities, markets or developments referred to in the material. Information included in the material was obtained from external sources which we consider reliable, but we have not independently verified such information and do not guarantee that it is accurate or complete. Such information is believed to be accurate on the date of issuance of the material. No subsequent publication or distribution of this material shall mean or imply that any such information or opinion remains current at any time after the stated date of the material. We do not undertake to advise you of any changes in any such information or opinion. Additional information is available upon request.