Vertical Bridge Gets Rights To Lease, Operate, Manage 6,339 Wireless Towers From Verizon

(RTTNews) - Verizon Communications (VZ) and Vertical Bridge have entered into a definitive agreement for Vertical Bridge to obtain the exclusive rights to lease, operate and manage 6,339 wireless communications towers across all 50 states and Washington, D.C. from subsidiaries of Verizon for approximately $3.3 billion, including certain commercial benefits. The deal is structured as a prepaid lease with upfront proceeds of approximately $2.8 billion in cash.

Verizon will enter into a 10-year agreement to lease back capacity on the towers from Vertical Bridge, serving as the anchor tenant, with options that could extend the lease term up to 50 years.