ShenTel To Buy Jet Broadband

ShenTel Cable, a wholly-owned subsidiary of Shenandoah Telecommunications, said late Friday it has signed an asset purchase agreement to acquire Jet Broadband Holdings for about $148 million.
Jet Broadband has about 66,500 revenue generating units in Virginia and West Virgina and passes about 114,000 homes. The provider was formed in 2005 by former Helicon Cable Communications executive David Baum. According to its most recent 10-K annual report, publicly traded ShenTel already has about 24,856 revenue generating units in Shenandoah County and Alleghany County Virginia and in various communities in West Virginia. The company most recently purchased more than 17,000 subscribers in West Virginia from Rapid Communications in 2008. The deal is expected to close in mid-August, the companies said in a statement.
New York based cable investment banker Waller Capital Partners served as financial adviser to Jet Broadband and Dow Lohnes served as legal adviser.