Verizon, Vertical Bridge Agree to $3.3 Billion Tower Deal
Vertical Bridge will receive more than 6,000 towers across the U.S
WASHINGTON, Sep. 30, 2024 - Verizon and Vertical Bridge announced a definitive agreement Monday that involved the transfer of more than 6,000 wireless communications towers across the nation.
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The announcement stated that Vertical Bridge would take over the exclusive rights to lease, operate and manage 6,339 wireless towers throughout all 50 states and Washington from Verizon subsidiaries. Verizon was slated to receive $3.3 billion in exchange for the towers.
In accordance with the terms of the sale, Verizon would act as an anchor tenant for Vertical Bridge, leasing back capacity on the towers under a 10-year agreement, with the capacity to extend the lease to a maximum of 50 years. Verizon would also be able to access certain commercial space on the towers for future use.
Verizon noted that this agreement would help to drive down tower-related costs and increase vendor diversity in what they called a concentrated industry.
“As the nation’s largest mobility provider, we are well positioned [to] make the nation’s best network even better for customers,” said Verizon Chairman and CEO Hans Vestberg. “This transaction builds on our existing relationship with Vertical Bridge and allows us to be agile in optimizing the network with one of the best operating partners.”
The transaction is expected to close by the end of 2024, subject to closing conditions and regulatory requirements.
