Vertical Bridge To Obtain Exclusive Rights To Lease, Operate And Manage 6,339 Wireless Communications Towers From Subsidiaries Of Verizon For ~$3.3B, Including Certain Commercial Benefits
Portfolio Pulse from Benzinga Newsdesk
Vertical Bridge has secured exclusive rights to lease, operate, and manage 6,339 wireless towers from Verizon subsidiaries for approximately $3.3 billion. The deal includes a prepaid lease with $2.8 billion in cash upfront. Verizon will lease back capacity on the towers for 10 years, with options to extend up to 50 years.
September 30, 2024 | 11:06 am
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Verizon has entered into a $3.3 billion deal with Vertical Bridge to lease, operate, and manage 6,339 wireless towers. Verizon will receive $2.8 billion upfront and will lease back capacity for 10 years, with options to extend up to 50 years.
The deal provides Verizon with significant upfront cash, which can be used for other strategic investments or debt reduction. The long-term leaseback ensures continued access to tower capacity, supporting Verizon's network operations.
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