Shenandoah Telecommunications Company (NASDAQ:SHEN), known as Shentel, has successfully completed the initial phase of selling its tower portfolio and operations to Vertical Bridge Holdco, a deal valued at $309.9 million in cash.

This strategic move is part of Shentel's broader initiative to divest certain assets and reallocate resources to fuel its future growth plans.

Shentel's President and CEO, Christopher E. French, highlighted the significance of this transaction, stating that the capital acquired from this sale will be instrumental in financing the company's acquisition of Horizon Telcom.

Additionally, it will provide the necessary funding to propel Shentel's ambitious "fiber-first" strategy.

A key component of this strategy is the expansion of Glo Fiber, Shentel's fiber-optic network service, which aims to reach approximately 600,000 homes and business locations by the end of 2026.

The sale to Vertical Bridge, a leading private owner and operator of wireless communication infrastructure in the United States, signifies a pivotal shift for Shentel.

By divesting its tower operations, Shentel is reallocating its focus and resources towards enhancing and expanding its broadband services, underlining its commitment to delivering high-speed, reliable internet services across its service areas.