Shenandoah Telecommunications Co. said it has completed the acquisition of cable assets in Virginia and West Virginia from Rapid Communications for about $10 million. The systems have about 17,000 subscribers.
The deal was originally announced on Aug. 6. At the time, ShenTel had agreed to buy the systems for about $16.1 million. But according to Securities and Exchange Commission documents, the price was reduced after it was determined that the number of homes passed would be about 44,000, instead of the 53,000 originally anticipated.
Denver cable investment banker RBC Daniels was ShenTel’s adviser for the transaction. New York-based cable investment banker Waller Capital advised Rapid.
In a statement, Shenandoah said that beginning early next year, it will begin a two-year upgrade program to provide additional services, including HDTV, video on demand, high-speed Internet and voice services.