Vertical Bridge has acquired the rights to lease and operate over 6,000 wireless towers from Verizon for $3.3 billion as part of a 10-year agreement, with potential extensions of up to 50 years. Capacity Media reports: “Upon the completion of this transaction, these assets, together with our existing portfolio which includes thousands of young, purpose-built towers, enhance Vertical Bridge’s position as a fast, friendly, and flexible colocation partner to the wireless industry,” said Ron Bizick, President and CEO of Vertical Bridge. Terms of the deal provide Verizon access to additional space on the towers for future use.
The US carrier said its latest deal with Vertical Bridge supports existing efforts to drive tower-related costs. “As the nation’s largest mobility provider, we are well positioned with greater financial flexibility to invest in our business, return value to our shareholders and make the nation’s best network even better for customers,” said Hans Vestberg, chair and CEO of Verizon. The transaction is expected to close by the end of 2024, subject to closing conditions. Earlier this month, Verizon announced a deal to acquire Frontier Communications for $9.6 billion.