Verizon Sells 6,339 Towers to Vertical Bridge for $3.3 Billion

The deal includes a 10-year leaseback agreement and aims to cut tower-related costs for Verizon.

Verizon Communications has agreed to sell 6,339 mobile phone towers to Vertical Bridge for $3.3 billion.
The agreement includes upfront cash proceeds of approximately $2.8 billion and a 10-year leaseback arrangement, with an option to extend up to 50 years.
Verizon aims to reduce tower-related costs and diversify its vendor base through this transaction.
Vertical Bridge, the largest private owner of broadband towers in the U.S., will gain exclusive rights to lease, operate, and manage the towers.
The transaction is expected to close by the end of 2024, positioning both companies to capitalize on the growing demand for wireless infrastructure.