Verizon Sells 6,339 Towers to Vertical Bridge in $3.3B Deal to [...]

📅 October 1, 2024 - Verizon Communications and Vertical Bridgehave reached a definitive agreement in a landmark deal valued at approximately $3.3 billion. The transaction grants Vertical Bridge the exclusive rights to lease, operate, and manage 6,339 wireless communication towers owned by Verizon subsidiaries, spanning all 50 U.S. states and Washington, D.C. The deal is structured as a prepaid lease, providing Verizon with upfront cash proceeds of around $2.8 billion.

Under the terms of the agreement, Verizon will lease back space on the towers as an anchor tenant through a 10-year agreement with the possibility of extending the lease for up to 50 years. This arrangement also includes provisions for Verizon [...][... Check source for end of article ...]

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