Verizon has finalized a significant $3.3 billion lease agreement with Vertical Bridge, the largest private operator of broadband towers in the U.S. Under this 10-year deal, Vertical Bridge will acquire exclusive rights to lease, operate, and manage 6,339 wireless communications towers from Verizon’s subsidiaries across all 50 states and Washington, D.C.
The agreement includes approximately $2.8 billion in upfront proceeds and allows Verizon to retain anchor tenant status for the towers. This arrangement can potentially extend up to 50 years, with Verizon gaining access to additional tower space for future needs, subject to specific restrictions.
This strategic move is part of Verizon’s broader initiative to reduce tower-related expenses and increase vendor diversity within a highly concentrated market. The transaction is anticipated to close by the end of this year.
In response to the news, Verizon’s shares saw a slight increase of 0.1% during intraday trading, contributing to a 19% rise since the beginning of the year.
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