ShenandoahTelecommunications Co. completed its deal with NTELOS Holdings Corp.
In August 2015, Shentel agreed to acquire NTELOS for $9.25 per share in cash.Under the terms of the agreement, Shentel agreed to acquire all of NTELOS'stock and operations, including wireless network assets, retail stores andaround 298,000 retail subscribers in NTELOS' western markets.
At the effective time of the merger, among other things,each outstanding share of NTELOS' common stock issued and outstandingimmediately prior to the effective time was canceled and convertedautomatically into the right to receive $9.25 per share, without interest,according to a Form 8-K filed May 9.
The value of the cash consideration paid to former holdersof the company's common stock, stock options and performance stock unit awardsin connection with the merger was about $197.4 million.
Further, Shentel President and CEO Christopher French saidin a May 9 news release that the company will inject about $350 million on theacceleration of the LTE upgrade and expansion. As part of the initiative, thecompany will create hundreds of additional coverage sites, French added.