Posted 6 April 2021 12:00 AM by Shentel
EDINBURG, Va., April 5, 2021 (GLOBE NEWSWIRE) – Shenandoah Telecommunications Company ("Shentel" or the "Company") (NASDAQ: SHEN) announced today that it is implementing a workforce reduction in anticipation of the closing of the pending sale of its wireless assets and certain liabilities ("Shentel Wireless") to T-Mobile US, Inc. ("T-Mobile"). The organizational restructuring plan is expected to impact approximately 340 employees, or 30%, of the Company’s workforce, across its six-state Mid-Atlantic service area. Approximately 90% of the reductions are employees who support wireless operations and who will not automatically transfer to T-Mobile as part of the transaction. Most of the employees impacted by the workforce reduction will exit the Company in 2021, following the closing of the pending Shentel Wireless sale and any required transition services. The closing of the Shentel Wireless sale is now expected to occur in early third quarter 2021 subject to execution of the definitive asset purchase agreement, customary closing conditions and required regulatory approvals. Shentel will have approximately 860 employees following the restructuring to support its Broadband and Tower segments.
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