Waller Capital Announces Agreement to Sell Jet Broadband to Shenandoah Telecommunications Company (Shentel, NASDAQ: SHEN)

Rustburg, VA

Jet Broadband Holdings, LLC today announced that the Company has signed a definitive agreement to sell its cable operations to Shentel Cable Company, a wholly-owned subsidiary of Shenandoah Telecommunications Company (Shentel) (NASDAQ: SHEN) for $148,000,000. The operations pass approximately 114,000 homes and have approximately 66,500 Revenue Generating Units (RGUs).

Jet Broadband is a broadband communications company offering video, high speed Internet and voice services in southern Virginia and southern West Virginia. The acquisition will be financed with a credit facility that will close simultaneously. Final closing of the sale transaction is subject to satisfaction of customary closing conditions, including regulatory approvals, and is expected to occur in mid-August 2010.

Waller Capital Partners, LLC acted as financial advisor and Dow Lohnes as legal advisor to Jet Broadband. Lazard Group, LLC acted as financial advisor and Hogan & Hartson as legal advisor to Shenandoah Telecommunications Company.