Verizon to Sell Towers to Vertical Bridge in $3.3 Billion Deal

Verizon Communications Inc., the biggest wireless carrier in the US, has agreed to sell thousands of mobile phone towers to digital infrastructure firm Vertical Bridge.

The transaction values the portfolio of 6,339 towers at about $3.3 billion, according to a statement on Monday that confirmed an earlier Bloomberg News report.

Under terms of the deal, Verizon has entered into a 10-year agreement to lease back capacity on the towers, which are located in all 50 states and Washington, D.C., from Vertical Bridge. Verizon has an option to extend the term up to 50 years.

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