Shenandoah Telecommunications Company (Shentel) has agreed to sell its tower portfolio to Vertical Bridge for $310.3 million.

The US company announced that it entered into a purchase and sale agreement with Vertical Bridge last week.

Shentel's tower business consists of 226 portfolio sites.

The deal is subject to customary closing conditions and is expected to close this month.

“The proceeds from the sale of our Tower business will provide Shentel with additional growth capital to support the planned expansion of our Glo Fiber line of business to approximately 600,000 homes and business passings by the end of 2026," said Shentel’s President and CEO, Christopher E. French.

"With the expected closing of this Transaction and the previously announced $356 million of committed financings supporting our pending acquisition of Horizon Telcom, we believe our capital structure is well balanced and will provide future financial flexibility."

Broadband services provider Shentel owns an extensive regional network with around 9,000 route miles of fiber, serving customers in rural Virginia, West Virginia, Maryland, and Pennsylvania.

In October, the company agreed a $385 million deal to acquire commercial fiber provider Horizon Acquisition Parent LLC (Horizon Telcom).

The acquisition of the tower sites strengthens Vertical Bridge's own portfolio in the US, which consists of more than 500,000 sites, including over 11,000 owned and master-leased towers.

"The towers are high-quality assets with available capacity for additional tenants and are located in difficult areas to build new towers due to zoning restrictions and terrain challenges," said Vertical Bridge president and CEO, Ron Bizick. "The geographic concentration of the portfolio offers a unique opportunity for future deployment of existing and new technologies."