Verizon: tower agreement with Vertical Bridge

(CercleFinance.com) - Verizon Communications announced today that it has entered into a definitive agreement with Vertical Bridge for the latter to obtain exclusive rights to lease, operate and manage 6,339 wireless communication towers in the United States.


The transaction, for an aggregate amount of approximately $3.3 billion, including certain commercial benefits, is structured as a prepaid lease with initial cash proceeds of approximately $2.8 billion.

Under the terms of the transaction, which is expected to close by the end of 2024, Verizon will lease capacity on these towers for 10 years to Vertical Bridge, which will serve as the anchor tenant, with options that could extend the lease term up to 50 years.

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