Shenandoah Telecommunications Company (Shentel), an Edinburg, Virginia based holding company of wireless, telecom, and cable properties, has agreed to buy Jet Broadband for $148 million. Jet Broadband is a rural cable MSO with operations in Virginia and West Virginia. The acquisition fits in nicely with Shentel’s footprint and strategy of acquiring cable, wireless, and broadband properties. They acquired Rapid Communications’ cable operations in 2008.

According to a Shentel press release, Jet Broadband’s “… operations pass approximately 114,000 homes and have approximately 66,500 Revenue Generating Units (RGUs).” Jet offers a triple play portfolio, although not throughout its entire footprint yet.

Shentel is a diversified holding company with cable, telco, and wireless operations. The majority (70%) of its 2009 $160 million revenue came from its wireless operation, which is the only remaining public Sprint PCS affiliate. As of 12/31/09, Shentel listed 223k wireless subscribers.  Its cable assets generated 10% of its 2009 revenue.

Among its wireline operations, Shentel had approximately 23k cable TV subscribers, 2k cable modem subscribers, 11k DSL subscribers, and 25k access lines. They also operate a single FTTH community outside of their ILEC territory. Jet Broadband’s 50k or so customers will significantly increase its wireline operations. The acquisition is subject to regulatory review, but is expected to close around mid-August 2010.